Business
NSSF declares 10.75% interest rate for 2019/2020
New interest rate for NSSF members
The Minister of Finance Maria Kasaija has today announced that National Social Security Fund will pay 10.75%interest on savings held in trust for members.
Although a slight reduction from the 11% that the fund declared last year, observers have hailed the announcement as a positive development considering the tough financial situation that was brought about by the COVID-19 pandemic.
NSSF Managing Director Richard speaking at the 8th Annual Members conference, a virtual event due to COVID-19, Byarugaba reiterated his commitment to keep the rate of return above 2% of inflation.
“Our promise remains the same! We ensure that we pay out reasonable and consistent returns on savings of 2% points above the 10-year moving average inflation rate.”
Meanwhile, Byarugaba said that the fund’s total assets have expanded to UGX13.283trillion while the Total Members Fund now stands at UGX13.062Trillion.
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