NSSF To Pay Out Over UGX1Trn In Mid-Term Access
NSSF MD Richard Byarugaba makes a presentation during the Media Dialogue on Monday 7th March 2022
Kampala | RedPepper Digital – The National Social Security Fund (NSSF) shall pay out UGX 1 trillion in March 2022, with the first payout expected to be done on 17th March.
This development was announced by Richard Byarugaba, the Fund’s managing director on Monday 7th March 2022 at a media breakfast at Kampala Serena Hotel.
A total of UGX1t to will be paid to 41,174 eligible members across the country who qualify for the 20% mid-term access, with UGX50b to be paid out weekly following the publishing of the law in the national gazette. Payments will begin on 17th March 2022.
Speaking at the media breakfast meeting on Monday from Kampala Serena Hotel, Richard Byarugaba; the Fund’s Managing Director said that they are doing all they can to make sure that the process of payment is fast, and completed within the 45 working days as provided for in the law.
“We are doing all that we can to make sure that they come in here to process their money. The people you see here are the ones who opted to come here (Worker’s House).all our officers are receiving applications from the members who qualify,” he said.
57% of the payments will be below UGX10M, UGX50-100M 2,797 members, UGX100-300M 1,105 members, UGX300-500M 50 members and only 5 members will be paid UGX500M.
When asked about the source of the money to be paid out to the members, Byarugaba said that the money came from the monthly collections from employers, and the returns from investments. He, however, said that it is the first time in the history of the Fund where payouts will be more than the money they receive.
Members who qualify for the mid-term access have been advised to invest their monies in assets like real estate and avoid the temptation of spending it on liabilities that come in form of luxuries.
The payments will be made through a channel of the member’s choosing i.e. a verifiable mobile money account where not more than UGX3M will be paid daily as provided for in the National Payments Systems Act 2020 and the National Payments Systems Regulations 2021. Payment through a verifiable bank account is the second option available for the payments.
For online applications, members are required to visit the Fund’s website www.nssfug.org/midterm, or dial *165*6*3# for MTN or *185*7*5# and follow the prompts.
Those who want to apply physically can visit the NSSF branch networks across the country, Kololo Airstrip or Employer premises to start the application process.
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