By Leonard Kamugisha Akida,
KAMPALA
The Minister for Gender Labour and Social Development, Betty Amongi Ongom has asked the National Social Security Fund (NSSF) to provide affordable housing options to members.
“Most housing built by social security funds have addressed low income housing targeting members. I have directed managers of NSSF to develop a strategy for affordable housing for NSSF Members,” Among said
She was speaking at the 11th NSSF Annual Members Meeting held at Serena Hotel Kampala when she said that the majority of the savers are having under 50m shillings urging the fund to provide housing options within this range.
“It is important to note that our current social security fund members at NSSF are composed of low-income earners as the majority savers. Those whose savings are below 10m constitute 83% of the total savers at the fund. These group earn on average a monthly income of 250.000/= per month. Those with savings ranging between 10m-50m (12%), 50m-100m (3%), above 100m (2%),” she said
She noted that the fund should not only perform financially but also provide actual social protection to savers.
She called for the Fund to innovate solutions for its members around health and childcare benefits, education, and insurance solutions that offer protection across the lifecycles of members and their dependents.
Relatedly, the minister also applauded NSSF staff for a stellar performance despite the turbulent period in the last one year.
“Leadership is tested during hard times not during peaceful period. I want to applaud the team who kept the ship sailing in the waves and achieving highly in this tough time. They did not relent despite all the negativity, instead, they seized the opportunity, remained committed to the vision, and today, we see the positive outlook from the presentation of the MD,” minister Amongi added.
During the meeting, the ministry of finance announced that National Social Security Fund (NSSF) members will get 10% as interest for their savings which translates into shs1.58 trillion and this will be credited to their accounts.
