Members of Parliament plan to table a Bill to amend the National Social Security Fund (NSSF) Act of 1985 to allow workers’ access their savings before the age of 50.
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.
According to Hon. Sam Lyomoki (NRM, Workers), 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,” says Lyomoki.
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.
Lyomoki said 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,” added Lyomoki.
The National Social Security Fund Act of 1985 provides for the establishment of a National Social Security Fund and its membership, the payment of contributions to, and the payment of benefits out of, the Fund and for other purposes connected therein.