KAMPALA – National Social Security Fund (NSSF) shareholders have reason to celebrate as the fund recently announced a generous interest payment of 10% for savers for the financial year 2022/23. This exciting news was unveiled during the 11th annual meeting for members held at the Kampala Serena Hotel.

Finance minister Matia Kasaija, while disclosing the new interest rate, commended NSSF for achieving remarkable performance across various key performance indicators. He highlighted significant achievements that reflect the fund’s robust financial health.

Kasaija noted that the fund’s assets had seen substantial growth, increasing from sh17.8 trillion in the financial year 2021/22 to sh18.56 trillion in 2022/23. This marked a significant milestone and was the first key achievement acknowledged during the meeting.

He further emphasized the impressive financial performance, stating, “The second key performance indicator is the money you generated during the year. The total realized income earned increased by 15% from sh1.9 trillion in the financial year 2022 to sh2 trillion in financial year 2022/23.” This increase demonstrated the fund’s successful investments over the past year, showcasing the productivity of the approved investment strategies.

Labour minister Betty Amongi, responsible for NSSF, highlighted the fund’s growth to sh18 trillion as a significant achievement. She also shed light on the fund’s diverse membership base, emphasizing the importance of NSSF for low-income earners.

Amongi pointed out that the majority of NSSF members are low-income earners, with a significant portion having savings below sh10 million, constituting 83% of savers. Additionally, those who earn an average monthly income of sh250,000 make up a substantial part of the membership. Only a small percentage of savers fall within the sh10 million to sh50 million and sh50 million to sh100 million income brackets, at 12% and 3%, respectively.

The announcement of a 10% interest payment for savers reflects NSSF’s commitment to providing meaningful returns to its members and supporting their financial security and well-being. This news brings optimism and financial relief to the fund’s shareholders, reinforcing the importance of NSSF as a cornerstone of retirement savings in Uganda.