Members of Parliament led by Sam Lyomoki have revealed that they are in plans to table a bill to amend the National Social Security Fund (NSSF) Act of 1985 to allow workers access their savings before clocking 50 years of age.
The Workers MP said the need to improve the social security sector in Uganda has been a matter of interest for workers.
“Workers have been demanding that the age upon which to access their savings is lowered. Workers want it taken down to 45 years,” said Lyomoki.
The Act currently provides that a member of the Fund shall be entitled to benefits if he or she attains the age of 50 years and has retired from regular employment; or if he or she attains the age of 55 years.
He also noted that the amendment in the Bill seeks to expand the benefits outlined in the Act that would cater for privileges pertaining to medical and bereavement as and when required by an individual.
Lyomoki made the remarks while addressing the media on Tuesday, 29 January 2019 at Parliament on the socio-economic situation in the country.
He noted that the amendment also intends to enable workers to access their savings even before a set retirement date.
“We plan to bring on board mid-term accessibility where people can receive money within the period of saving so that they can invest in fundamental lifetime projects.”