The Fund has been convening the Annual Members Meeting (AMM) over the years in accordance with its dedication to openness and responsibility to NSSF members, stakeholders, and the general public.
Additionally, the Fund is required to convene an annual meeting for all members under the Management and Operations of Retirement Benefits Schemes Regulations published by the industry regulator, the Uganda Retirement Benefits Regulatory Authority (URBRA).
According to the NSSF Act, as modified, the Annual Members Meeting was held on September 26, 2023, within the legal window for announcing the annual interest rate, i.e., before October 1.
The AMM provided an opportunity for the Fund to:
- Present audited accounts, as well as performance for the Financial Year 2022/23, to members of the Fund and other stakeholders in line with URBRA Regulations.
- Provide members with information about any changes at the Fund, investments, and any other information requested by members as required by URBRA Regulations.
- Conduct research among a representative pool of NSSF members and other stakeholders to obtain feedback on the state and performance of the fund and its product offerings.
The Minister of Gender, Labour, and Social Development, Hon. Betty Amongi, underlined the value of both financial success and social safety for savers. She urged the Fund to develop novel approaches to improving the lives of members and their dependents in the areas of health, childcare benefits, education, and affordable housing.
“The Fund will offer genuine social protection if it can develop solutions for its members based on the three dimensions, across the three lifecycles. This necessitates a change in the way we operate the Fund. We must continue doing what we are already doing extremely well, but we must also have the courage to seize and pursue new chances. How, for instance, can the Fund innovate in the areas of healthcare and child care, as well as in the provision of educational opportunities and insurance plans that provide security throughout the lives of members and their dependents? According to Hon. Betty Amongi:
Given the unstable global economic climate, the Finance Minister, Hon. Matia Kasaija, praised the NSSF’s outstanding achievement. He emphasised how the Fund’s assets have increased and its investments have performed well despite obstacles like the Russia-Ukraine War and market instability. Then he announced an attractive interest rate of 10% for members for the fiscal year 2022-2023. This rate, which is greater than the one from the previous year, demonstrates the NSSF’s dedication to offering a significant return on members’ investments.
“The Fund committed to paying depositors a real annual return in 2013, which is at least 2 percentage points above the inflation rate over a 10-year period. I’m pleased to report that the fund has regularly upheld its end of the bargain. I now proclaim a 10% interest rate, as required by Section 35(2) of the NSSF Act, as amended. This new rate will be determined and credited to the sum due on the members’ accounts as of July 1, 2022, in accordance with the NSSF Act, as modified. Total UGX 1.591 trillion shillings at the new exchange rate. The 10-year average inflation rate for the most recent fiscal year was 4.2%.” According to Hon. Matia Kasaija.
The National Social Security Fund (NSSF) held its 11th Annual Members’ Meeting, which was an occasion to highlight the Fund’s exceptional performance, the difficulties it faced, and its future plans. The gathering of influential leaders from Uganda’s financial and social development sectors offered a chance to consider the year’s accomplishments.
