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e-statement

Welcome to the NSSF E-statement feature. In our continued effort to serve NSSF members better, we have enhanced the e-statement feature to make it more user-friendly, quicker and easier and to access your e-statement online.



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Welcome to the NSSF pre-registration feature. Please note that only non-registered members are to use this feature.



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Customer query

Welcome to the NSSF customer query feature. In our continued effort to serve NSSF members better, we have enhanced the e-statement feature to make it more user-friendly, quicker and easier and to access your e-statement online.



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YOUR STORY


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General Feedback

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Report Fraud

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Contributions

The NSSF covers all employers who have 5 or more employees between 16 and 55 years of age, with the exception of employees under the Government Pensions Act. The NSSF Act requires a registered employer is required to pay contributions to the Fund for his\her employees every month during which he/she pays salaries.

The NSSF Act also provides for voluntary membership for employers with less than 5 employees.

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Investment

NSSF collects members' contributions and invests them judiciously, and pays commensurate benefits to qualifying members. The money collected is maintained on individual member accounts, invested and earns an annual interest depending on our return on investments.

NSSF's Investment Policy provides for clear guidelines on investments. The Board and Management are mandated by the NSSF Act to invest the money on behalf of the NSSF members. Currently, NSSF has various investment interests in real estate, equities, and fixed income. The benefit for the member is that the member is assured of secure retirement.

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Benefits

NSSF administers and pays qualified contributing persons the following benefits;
Age
Invalidity
Survivors
Withdrawal
Exempted Employment
Emigration Grant

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Contact info

  • Plot 1 Pilkington Road,
    Workers House, 14th Floor

  • P.O Box 7140, Kampala, Uganda
  • Email: customerservice@nssfug.org
  • Phone: +256 313-331-755
  • Toll free: 0800 286 773
  • Website: www.nssfug.org

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NSSF declares 11% interest rate (Ugx 978 billion) to members

KAMPALA September 27, 2019: The National Social Security Fund (NSSF) has today declared an interest rate of 11% for the Financial Year 2018/2019 to its members, over and above the 10 year average rate of inflation now at 6.71%.

 

This was announced by the Minister of Finance, Planning and Economic Development, Matia Kasaija, during the Fund’s 7th Annual Members Meeting at Serena Hotel.

 

The interest declared is lower than last year’s 15% interest due to a decline in regional equity prices and strengthening of the Uganda shilling, which affected the valuation of the Fund’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,” the Minister said.

 

The new rate translates into UGX 978 billion and will be calculated and credited on the balance outstanding on the members’ accounts as at 1st July 2018, in accordance with provisions of the NSSF Act.

 

“Although lower than what I declared last year, the rate I have declared today is higher than 6.7% - the 10 year average rate of inflation, the Fund’s benchmark. It is also higher than annual inflation of 3.4% recorded last Financial Year,” he said.

 

“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% above the 10 year inflation. We have consistently delivered on this promise and have done so again this year,” he said.

 

NSSF Board Chairman, Patrick Byabakama reassured members that the Fund was on a growth trajectory, having grown its assets under management by 13.6% from UGX9.9Trillion in the previous financial year to UGX11.3 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 FUND’S PERFORMANCE HIGHLIGHTS 2018/2019

· Assets under Management increased by 13.1% from Ugx 9.98 trillion to Ugx 11.3 trillion as at 30th June 2019.

 

· Annual contributions collections increased from Ugx 1.049 trillion to Ugx 1.208 trillion – a 15% growth

 

· Realized income grew from Ugx 1.05 trillion in 2017/2018 to Ugx 1.26 trillion in 2018/2019 due to increased gross Interest income from Treasury and Infrastructure bonds – a 20.4% growth

 

· The amount of money paid in benefits increased by 25% from Ugx 360 billion in 2017/2018 to Ugx 450 billion in 2018/19

 

· The Average Benefits Turn-Around-Time in 2018/19 remained flat at 8 days

 

· Cost of Administration improved slightly from 1.31% in 2017/2018 to 1.28% in 2018/2019

 

· The cost income ratio remained flat at 11.6%

 

· The compliance level based on 1 month is now at 61%

 

· Customer satisfaction slightly dipped by 1% from 85% in 2017/2018 to 84% in 2018/2019

 

· Staff engagement increased from 84% in 2017/2018 to 88% in 2018/2019

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