Following the Covid-19 pandemic that devastated almost the whole world, a concern arose regarding the possibility of people who had saved their retirement benefit failing to enjoy it due to the Covid-19 death threat or the aftermath of the pandemic. With that background, the members of parliament suggested an early benefit payment that could not be acted upon without a law.
In the process of waiting for the law, there arose controversial claims that NSSF didn’t have the money to pay off the mid-term payment. However, in their media statement, NSSf says they are actually very well equipped and positioned to meet all the mid-term payments as long as it is on a 20% benefit basis.
According to their statement, they will need around 900 billion Uganda shillings which are actually available to pay the members who already qualify according to the existing law. Furthermore, they said they also have the projected 902.5 billion Uganda shillings that are necessary to meet the benefit of the new beneficiaries according to the early benefit scheme that will be taking root once the act is revised.