NSSF contributions to hit Shs 9 trillion soon

Kampala, Uganda | THE INDEPENDENT | Uganda’s National Social Security Fund contributions will soon hit Shs9 trillion due to increased compliance and introduction of voluntary contributions, according to the Fund’s Managing Director, Richard Byarugaba.

Byarugaba, who spoke during the launch of Fund’s Corporate Centre at Workers House in Kampala, said company’s compliance towards its employee’s contribution has increased from 49% six years ago to 80% at the moment.

“The Fund’s contribution is almost Shs9 trillion largely as a result of increased compliance, introduction of digital services and the introduction of voluntary contributions,” he said. “At the moment, we have been able to raise sh250million on our mobile platform and we have increased the voluntary contributions.”

Last year, the Fund launched the NSSF Electronic Collections portal that enables employers pay NSSF contributions straight to the Fund’s bank account along with payment schedules, which in turn enabled the Fund to automatically post individual contributions to member’s statements.

The NSSF’s Corporate Centre is expected to enable contributing employers access customised services on contributions-related issues at the time it is looking at growing is asset base from the current Shs 8.4trillion to Shs 20 trillion by 2025. Currently, the Fund has about 1.7 million members countrywide.

Uganda’s National Social Security Fund contributions will soon hit Shs9 trillion due to increased compliance and introduction of voluntary contributions, according to the Fund’s Managing Director, Richard Byarugaba.

Byarugaba, who spoke during the launch of Fund’s Corporate Centre at Workers House in Kampala, said company’s compliance towards its employee’s contribution has increased from 49% six years ago to 80% at the moment.

“The Fund’s contribution is almost Shs9 trillion largely as a result of increased compliance, introduction of digital services and the introduction of voluntary contributions,” he said. “At the moment, we have been able to raise sh250million on our mobile platform and we have increased the voluntary contributions.”

Last year, the Fund launched the NSSF Electronic Collections portal that enables employers pay NSSF contributions straight to the Fund’s bank account along with payment schedules, which in turn enabled the Fund to automatically post individual contributions to member’s statements.

The NSSF’s Corporate Centre is expected to enable contributing employers access customised services on contributions-related issues at the time it is looking at growing is asset base from the current Shs 8.4trillion to Shs 20 trillion by 2025. Currently, the Fund has about 1.7 million members countrywide.