- October 16, 2021
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The money is now available: NSSF makes U-turn on mid-term access
National Social Security Fund (NSSF) has revealed that the money for mid-term access is now available.
This comes a day after the Fund managing director Richard Byarugaba told MPs that they did not have the money that is required to pay the 20% mid-term access to all the eligible members at ago, once the law is passed.
In a press statement issued yesterday, the Fund has made a u-turn, now reassuring its members that the funds to meet mid-term payments will be available when the NSSF Amendment Bill is passed by Parliament and assented to by the President.
The statement shows that that over Shs900billion is required to pay members who qualify for 20% of their savings as proposed in the Bill.
Another Shs900billion to pay members who qualify for NSSF benefits as provided for in the existing Act is also required.
To efficiently process the 20% mid-term payments, the Fund has commissioned an upgraded Pension Administration System, which will be installed on November 1, 2021.
Section 24A of the Bill provides that “a member who is forty-five years of age and is above and who has made contributions to the Fund for at least 10 years is eligible to mid-term access to his or her benefits of a sum not exceeding 20% of their accrued benefits”.