In a startling revelation, the National Social Security Fund (NSSF) has uncovered a troubling trend that threatens the timely disbursement of survivor’s benefits.
Families of some depositors are conspiring to prematurely access these crucial funds, meant for the kin of deceased members. This nefarious practice, aided by the depositors themselves, has sent shockwaves through the NSSF.
Patrick Ayota, the NSSF Managing Director, addressed the media, expressing deep concern over the escalating prevalence of this deceptive maneuver.
He lamented that this insidious trend not only hinders the fund’s objective of a 12-hour payment target but also casts a shadow over the duration of other benefit disbursements.
Astoundingly, Ayota revealed that four out of ten sampled survivor benefit claims featured living depositors masquerading as departed, prolonging payment timelines to a frustrating 12 to 13 days.
Despite this disheartening revelation, a beacon of hope emerged in the financial report for the year concluding on June 30, 2023.
Of noteworthy mention, revenues surged from 1.9 trillion shillings to a formidable 2.2 trillion shillings, propelled by increased interest and dividend income. The fund’s strategic asset allocation proved its mettle, enabling it to flourish in a challenging investment landscape.
Ayota declared, “For us to post a 15% increase in revenue shows our resilience and an astute investment risk balance.”
Despite adversities, the NSSF remains an unwavering pillar of financial stability, with Assets Under Management (AUM) scaling new heights. Ayota projected an accelerated achievement of the ambitious Shillings 20 trillion AUM goal by June 30, 2024, a year ahead of schedule.
In a resounding commitment to “Vision 2035,” the NSSF aims for a UGX 50 trillion fund, a 95% customer satisfaction rate, and heightened staff engagement. With benefits paid to qualifying members witnessing a 1% surge, along with commendable improvements in cost-to-income ratio and compliance rates, the NSSF is on a relentless upward trajectory.
As 180,000 new members joined the fund during the year, the NSSF’s influence continues to grow. Despite the dark shadow cast by deceptive claims, the NSSF emerges as a beacon of financial stability and growth in an otherwise challenging landscape.
Ayota’s revelation is a testament that NSSF, a steadfast fortress in the face of adversity, stands resolute against deceptive tactics that threaten the timely distribution of benefits.
With revenues soaring and assets under management reaching unprecedented levels, the NSSF charts a course toward a brighter, more sustainable future.
As new members join the fold, the NSSF’s influence expands, promising a legacy of financial stability and growth for generations to come.
Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
