The Finance Minister, Matia Kasaija, has announced that the National Social Security Fund (NSSF) savers will receive a 10% interest rate for the Financial Year 2022/2023, which is an increase from last year’s rate of 9.65%.
He made this announcement during the 11th Annual Members’ Meeting of the NSSF, which took place at the Kampala Serena Hotel on September 26, 2023.
Kasaija began by commending the NSSF leadership for their outstanding performance in the FY 2022/23.
“I am glad that the Fund’s assets registered growth again from UGX 17.26 trillion in FY 2021/2022 to UGX 18.58 trillion in FY 2022/2023,” Kasaija said
“In exercise of the powers conferred on me by Section 35 of the NSSF Act, I have the pleasure to declare an interest rate of 10% to be paid as interest to the members of the fund, which translates into Shs1.58 trillion, and this will be credited to their accounts,” Kasaija added.
Kasaija further stated that the average inflation rate over the past 10 years was 4.2% during the previous fiscal year.
“The rate I have just declared is 5.8% above the 10-year average, which means that the fund has once again delivered on its promise and surpassed it by almost 3.8%,” Kasaija added.
Martin Nsubuga, CEO of the Uganda Retirement Benefits Regulatory Authority, expressed gratitude to the NSSF Board for their diligent oversight of the Fund and for creating a robust institutional framework. He also commended them for organising these Annual Members’ Meetings.
Nsubuga explained that these meetings are an excellent example of transparent stewardship. They provide a platform for you to report on the progress made with members and also allow them to provide valuable feedback.
The Managing Director of NSSF, Patrick Ayota, said that the purpose of the fund is to make lives better by making savings a way of life.