NSSF mid-term access: Eligible members to start receiving cash on 17 this month

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NSSF mid-term access: Eligible members to start receiving cash on 17 this month
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By Echonewsug

The National Social Security Fund (NSSF) Managing Director, Richard Byarugaba has revealed that the fund will begin paying eligible members for the mid-term access in accordance with Section 20A (1), (2), effective March 17, 2022.

Eligible members today thronged the NSSF head offices in Kampala to apply for their benefits and according to Byarugaba, the payment systems have been put in place to enable the payments.


“Today we have started receiving applications for qualifying members of the mid-term benefit and I want to assure all NSSF members and Ugandans that we are more than ready to start paying out money to eligible members. As of March 1st, 2022, we had 41,174 members eligible for these payments and in accordance with the regulations stipulated by the Minister of Gender, Labour and Social Development last week, a National ID, Verifiable mobile phone number, verifiable Bank Account, NSSF Number, one e-photo is all that is required to finalize the verification and application process,” Byarugaba said.

He further noted that the Fund has announced that applications can be made through mobile phone (on MTN and Airtel networks), online web platform, and at different physical locations that include NSSF branches, selected employer premises, and at Kololo Airstrip.

Payments will then be made either through a member’s bank account or mobile money channels. Withdrawals of less than Shs 3 million will be by mobile money, as per the National Payments Systems Act, 2020, and the National Payments Systems Regulations, 2021, and a Verifiable Bank Account for those with payments above Shs3 million.

“Beyond the support to ensure that members successfully withdraw their savings, we have also boosted our financial wellness program to enable our members to continue making the best decisions regarding the investment of their hard-earned money. This is advised by our research that shows that only 2% of savers who withdraw their money go on to invest it in long-term projects while others fall back on hard times. We aim to ensure that we remain relevant to our savers at any stage of their journey with us,” he added

According to Byarugaba, 1 trillion has been earmarked for payments for this year, estimating that Shs50 billion will be paid out weekly over the next five months to eligible members who have applied for the benefit.

Guidelines

According to Byarugaba, for one to be able to start the process, they must have an NSSF number, passport photo, bank account, phone number, and national ID as requirements.

“We need all of these items because it is the only way we can verify it is you.  You have got to match 100% on these items in order to qualify,” Byarugaba said.

He further revealed that those to receive below shs3 million in total as their midterm access will be free to receive their cash via MTN mobile money or Airtel money and can apply through the same system.

He however noted that these will also go through the same process of verification, noting that by March 17, 2022, everything will be ready for the first saver to receive their midterm cash.

For those with claims worth more than shs3 million, they can do it at the NSSF branches and Kololo airstrip.

 Airtel:

Dial *185*7*5# and select Midterm Benefits, accept terms and conditions, enter NSSF number, enter NIN, select payment month and day and confirm with your Airtel Money PIN. You will receive an SMS to confirm your submission.

MTN;

Dial *165*6*4# to get started, select NSSF, Midterm Benefits, accept terms and conditions, enter NSSF number, enter NIN, select payment month and date and confirm with your mobile money PIN. You will receive a confirmation SMS.

Qualification

According to section 20A(2) of the amended NSSF Act 2021, a member who is 40 years of age and above who has made contributions to the fund for at least 10 years is eligible to access a sum not exceeding 20% of  his accrued benefits.

The law also allows a member who has a disability, is of 40 years of age and above, and has made contributions to the fund for at least 10 years to access 50%.

billion will be paid out weekly over the next five months to eligible members who have applied for the benefit.

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