The Minister for finance, Matia Kasaija has declared an interest rate of 10 percent for NSSF savers for the financial year 2022/2023.
While making the announcement, Kasaija made a note to naysayers over NSSF savings applauding the fund for growing to 20 trillion Uganda shillings, ahead of the planned time.
He also mentioned how NSSF had remained committed to its goals; “In 2013, the NSSF committed to pay savers a real annual return that is at least two percentage points above the 10-year rate of inflation. I am happy that the fund has continuously delivered on this commitment.”
Looking back at the previous year, the announced interest rate is a slight improvement from 9.5 percent.
Patric Ayota, the Managing Director NSSF advised the public on how to best benefit from the savings. He encouraged members to put up investments even before retirement so that the savings from the fund come as a boost.
“Where you invest your savings after retirement should depend on what your interests are. You should have started a business before you retire so that the money you invested just improves your earnings from the business.”
Meanwhile the National Social Security Fund stands at a total membership of 2.20 million Ugandans, of these 704, 000 are actively saving.