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NSSF To Be Mandatory For Formal And Informal Employees – Gov’t

The Government of Uganda has revealed that saving with the National Social Security Fund (NSSF) will be mandatory for both employees in the formal and informal sectors.

The decision was taken during a Cabinet meeting held at State House, Entebbe on Monday 5th March, 2018.

During the meeting, Cabinet approved the Proposed Principles to amend the National Social Security Fund Act, CAP 222.

The main objective of the proposed amendment is “to make NSSF a mandatory Social Security Scheme for all Ugandans employed both in the formal and informal Sectors, mandated to provide the basic Social guaranteed benefits, except for Ugandans employed in the Public Service.”

The other objectives are; to create an environment in which NSSF investment decisions can be made efficiently; and to provide an opportunity of transforming the Fund from a Provident Fund offering lump sum benefits to a hybrid Scheme offering both lump sum and pensions.

It should be noted that NSSF under the stewardship of Richard Byarugaba has already embarked on voluntary contributions from employees in the informal sector.

 

One thought on “NSSF To Be Mandatory For Formal And Informal Employees – Gov’t

  1. okello tonny

    Does NSSF consider casual workers, if so how do they deal with situation where casual workers under individual being paid weekly.
    Thanks .

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