Minister Musasizi says NSSF Savings Safe
Savings in the National Social Security Fund (NSSF) are secure, according to State Minister of Finance (General Duties) Hon. Henry Musasizi.
On Tuesday, January 17, 2023, when he came before the Committee on Finance with the Hon. Betty Amongi, Minister for Gender, Labor, and Social Development, and Patrick Ayota, acting managing director of the NSSF, Musasizi gave this guarantee.
Recent claims of corruption and poor management of the fund, whose portfolio currently stands at Shs17.9 trillion, have been making the rounds on social media and in traditional media, which has caused concern among the general population.
Other issues were the extension of the employment agreement for Richard Byarugaba, the managing director at the time. Byarugaba had served two terms as chair of the NSSF and had reached the retirement age of 60.
Minister Musasizi now claims that the money is secure. His comments followed inquiries about the security of members’ finances from the committee’s chair and vice chairperson.
Musasizi’s guarantee brought comfort to worried members while reiterating faith in NSSF’s ethical management methods.
The members’ savings are secure…
Everything is running smoothly, and internal controls are very strong,” he remarked.
To their delight, NSSF presented a statement showing that investments were in fixed assets that can be traded. The committee chair, Hon. Keefa Kiwanuka, wanted to learn how safe funds were.
In order to increase the scope of social security coverage, Patrick Ayota contends that it is necessary to enter the unorganized sector. He said that the fund was doing quite well and turning a profit.
Hon. Muwanga Kivumbi, a representative for Butambala County, presented a letter regarding potential corruption, but the chairperson asked for more time to consider it.
There are now 27,628 employers and 1.3 million savers who are members of the NSSF.