• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

NSSF declares 11 per cent as new interest rate to members

Mulema Najib by Mulema Najib
6 years ago
in Business, Finance, National, News
8 0
ShareTweetSendShare

The Minister of Finance, Planning and Economic Development Matia Kasaija has declared 11 percent as the new National Social Security Fund (NSSF) interest rate for the financial year 2018/2019 to members.

The minister made the announcement on Friday during NSSF’s seventh Annual Members Meeting in Kampala.

The interest is however lower than the 15 per cent that was given out in the last financial year.

“After due consultations from stakeholders, I announce that this year, the Fund shall reward 11 per cent to its members. Last year we rewarded 15 per cent because the environment which the Fund operated in had the money,” said Kasaija.

“The rate I have declared is higher than 6.7 per cent, the 10 year average inflation and this means than your money still has value.”

The Minister further explained that this year’s interest is lower due to a decline in regional equity prices and strengthening of the Uganda shilling, which affected the valuation of NSSF’s holdings in all foreign currency balances and equity valuations thus impacting the Fund’s over all income.

“The stock exchanges in East Africa, and generally in the whole of Africa suffered significant reduction in value of the listed entities, affecting entities like the Fund that invests regionally,” Kasaija said.

The new rate translates into Shs978 billion and will be calculated and credited on the balance outstanding on the members’ accounts as at July 1 2018, in accordance with provisions of the NSSF Act.

“Most important, the Fund has paid its members a real return, thus eliminating the risk of erosion of the value of their saving as a result of inflation. The savers’ money is being in real terms which is the fundamental matter for long term savers,” he added.

NSSF Managing Director Richard Byarugaba said that inspite of the difficult investment environment, the Fund performed over and above most performance targets.

“Overall, we created value for our members. In fiscal year 2012/2013, we committed to pay members a real return – at least 2 per cent above the 10 year inflation. We have consistently delivered on this promise and have done so again this year,” he said.

Byarugaba also disclosed that customer satisfaction rating has stagnated between 80 per cent and 86 per cent.

“We hope to address this through the proposed amendments to the NSSF Act. This act will help to improve coverage, adequacy and relevance to our members.”

NSSF Board Chairman, Patrick Byabakama reassured members that the Fund was on a growth trajectory, having grown its assets under management by 13.6 per cent from Shs9.9 trillion in the previous financial year to Shs11.3 trillion in 2018/2019.

He also said that the Fund’s focus going forward will be to conclude the Real Estate projects as well as innovations to be responsive to needs of the members that will be occasioned by the proposed NSSF Amendment Bill.

“The bill should reflect the pains and aspirations of the members.”


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
Share2Tweet1SendShare

Related Posts

News

President Museveni rallies Kampala mechanics to actively embrace wealth creation efforts

15th July 2025 at 10:08
Maama Janet and President Museveni visited Mrs. Fausta Nalweyiso on Monday in Kibumbiro, Busega. The President praised her dedication to the Parish Development Model through her piggery project which he found very impressive.
Agriculture

MIKE SSEGAWA: Museveni’s PDM Tour; A Journey of Connection and Transformation

14th July 2025 at 22:49
Community News

Justice George Kanyeihamba Passes Away at 85, Leaving a Lasting Legacy in Uganda

14th July 2025 at 09:39
Next Post

Tension as 4 BoU staff resist transfer

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1137 shares
    Share 455 Tweet 284
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    57 shares
    Share 23 Tweet 14
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    41 shares
    Share 16 Tweet 10
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2291 shares
    Share 916 Tweet 573
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    51 shares
    Share 20 Tweet 13
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Phillip R. Ongadia

PHILLIP R. ONGADIA: NRM primaries: A necessary evil to test the depth of the river

15th July 2025 at 14:57
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0
Phillip R. Ongadia

PHILLIP R. ONGADIA: NRM primaries: A necessary evil to test the depth of the river

15th July 2025 at 14:57
Rogers Wadada

WADADA ROGERS: Telecom operators in Uganda should stop re-assigning customer’s phone numbers

15th July 2025 at 10:17

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda