The National Social Security Fund (NSSF) has issued a cautionary message to employers, emphasizing the importance of remitting employees’ benefits and avoiding pushing them into poverty during retirement.
Speaking at a gathering with employers and stakeholders at HB Hotel in Hoima’s Albertine region, NSSF’s Chief Commercial Officer, Geoffrey Sajjabi, urged employers to uphold justice by providing employees with their entitled benefits.
During his address on October 25, Sajjabi highlighted that retirement often spans a long duration, with statistics indicating that married individuals tend to live longer. This implies that the savings accumulated through NSSF may not be sufficient to sustain them throughout retirement. Sajjabi cautioned those who believed their children would take care of their old age, recounting numerous instances where elder children were not fulfilling this responsibility.
“If you think you should not worry about old age because your children will take care of, you are wrong. I have spoken to many people with elder children who are not taking care of them,” Sajjabi said.
Supporting this sentiment, Apollo Mbowa, NSSF’s Financial Literacy Manager, reiterated that being recognized and treated as individuals requires financial stability. He emphasized that financial capacity is closely tied to knowledge and effective management of money, leading to an improved quality of life. With the objective of enhancing lives, NSSF strives to empower individuals through savings, offering opportunities for improved well-being.
“The older you become the wiser you become, when people come for your daughter’s hand in marriage, ask for their financial savings statements, because how will they look after her if they don’t have savings,” said Mbowa.
Patrick Ayota, the Managing Director of NSSF, said that most young people like saying” let me eat my money now, what if I die tomorrow,” but the real question is what if they don’t die? While the NSSF law does not provide instant access to funds, individuals have the power to initiate changes in their financial habits to align with their future needs and aspirations.
The NSSF’s call to employers serves as a reminder to honor the commitment of remitting benefits and safeguarding employees from potential retirement hardships. By embracing financial prudence and fostering a culture of savings, individuals can actively shape their financial well-being and secure a better future.
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