Connect with us
Ministry of health

NSSF declares 10.75% interest rate for 2019/2020


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.



Continue Reading

More in Business




To Top