The Minister of Gender, Labour, and Social Development, Betty Amongi, has stated that her ministry is working on a bill that will allow anyone over the age of 45 to access their savings under the mid-term access scheme, regardless of how long they have saved.
Amongi, while speaking during a training session for over 250 government labour inspectors from 41 districts in northern Uganda on the National Social Security Fund (NSSF) compliance process on Tuesday, August 15, 2023, said that the ministry wanted to address members’ concerns, which had stopped many from joining the fund.
“Many members have complained that the midterm access, which they had hoped to indicate when they reached 45 years, is framed in such a way that you must have saved continuously for at least 10 years,”Amongi stated.
“So, with that formulation of the law, they have asked to alter the law so that it specifically states that everyone who reaches the age of 45 can access midterm,” she added.
Amongi stated that her team had previously consulted the Attorney General, who gave them permission to write legislation to assist those over the age of 45 in accessing their NSSF savings.
She further revealed that the government is in the process of making regulations stipulating how voluntary saving will be undertaken and how it will be accessed.
Midterm benefits are currently only available to members who are 40 years of age and older and have made contributions to the fund for at least 10 years. A member is eligible for midterm access to his or her benefits in a sum not exceeding 20% of his or her accrued benefits.