• Latest
  • Trending
  • All
  • News
  • Business
  • Politics
  • Lifestyle
Blood bank partners with NSSF, Mulago hospital, Red Cross to curb perennial blood shortages

Musings of a confined mind: NSSF needs to rethink its relevance post Covid-19

May 1, 2020
Auditor General pins NSSF on suspense accounts

Auditor General pins NSSF on suspense accounts

February 7, 2023
Ibrahim Sekagya named as New York Red Bulls II head coach

Ibrahim Sekagya named as New York Red Bulls II head coach

February 7, 2023
The influence of GamStop on the gaming industry

The influence of GamStop on the gaming industry

February 7, 2023
What happened to Spice Diana and Sheebah friendship?

What happened to Spice Diana and Sheebah friendship?

February 7, 2023
Museveni: Why I promoted Muhoozi Kainerugaba

Muhoozi, Saleh, Nadduli retained as Museveni appoints new advisors

February 7, 2023
Thomas Sankara family boycott burial plans

Thomas Sankara family boycott burial plans

February 7, 2023
Nine pharmacies closed, 13 arrested as NDA swoops in to pharmacies operating outside the law 

OPINION: Closure of errant drug shops

February 7, 2023
Powerful earthquake kills more than 3,700 in Turkey, Syria

Powerful earthquake kills more than 3,700 in Turkey, Syria

February 7, 2023
Museveni details how NRA acquired 20,000 guns in a short time

Museveni details how NRA acquired 20,000 guns in a short time

February 6, 2023
Eddy Kenzo’s selfishness has failed me, other Ugandan artistes from winning international awards- Big Eye

Eddy Kenzo’s selfishness has failed me, other Ugandan artistes from winning international awards- Big Eye

February 6, 2023
Logo
  • News
    • Politics
    • Business
    • 2021 Elections Watch
      • The Election Podcast
    • Exclusive
    • Investigations
  • Education
  • Security
    • Cyber Security
  • Health
    • Coronavirus outbreak
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • Mable Twegumye Zake’s #BitsOfMe&You
      • But this Year!
      • What Did I Miss?
  • Lifestyle
    • Hatmahz Kitchen
    • Food Hub
    • Let’s Talk About Sex
    • Entertainment
    • Tour & Travel
    • Love Therapist
    • Homes
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • Tanzania
    • South Sudan
    • DR Congo
    • Ethiopia
    • Sudan
  • Technology
  • Ask the Mechanic
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs
No Result
View All Result
Logo
No Result
View All Result
Home Opinions

Musings of a confined mind: NSSF needs to rethink its relevance post Covid-19

NP admin by NP admin
May 1, 2020
in Opinions
Reading Time: 3 mins read
0
Blood bank partners with NSSF, Mulago hospital, Red Cross to curb perennial blood shortages

NSSF MD Richard Byarugaba

Mukasa Sirajeh Katantazi

If life normalizes as we all hope it will post Covid-19, the National Social Security Fund (NSSF) will be running the fourth season of friends with benefits(FWB) campaign.

Their website specifically setup for this campaign will inform you that FWB is a financial literacy campaign aired on TV to showcase people who got their (emphasis mine) money from NSSF and have made prudent financial and investment ventures that are transforming their lives.

This was a brilliant marketing strategy by NSSF’s Management to drum up support and “give back” to its clients ( the winners walked away with Shs 55m in season 3 although the amount spent in crafting the episodes, airtime on the different TV stations, advertisements and paying the hosts and judges must surely dwarf this but that’s not my point today).

AD-03 AD-03 AD-03
ADVERTISEMENT

The name of the show has always bothered me a bit.

The term is used mainly by millennials to mean friends who trust each other enough to engage in sexual activity without fear of hurting each other’s feeling.

Glamour describes it as casual relationship not meant to build an intimate relationship,but rather one for just having fun and enjoying one another physically.

In other words no committing and each can see other people.

This is my confusion because it appears to be an endeavour in trying to force a friendship so that you can add sex as a benefit but with no strings attached.

Well some will rationalize this as free choice between two consenting adults. That too is not my point today.

When Covid-19 paralysed most workers’ incomes and a lockdown was announced, many savers and some MPs called on NSSF to remit part of their savings to navigate the troubled waters that the storm of C19 portended.

The leadership at NSSF was quick to issue a statement that there is no legal basis for the fund to release partial payments to savers.

The MD adding that the fund was created to provide a safety net in three cases namely old age ,permanent incapacitation and dependants of members in event of death.

A literal interpretation of this may justify such a reasoning but I contend that one could also apply the golden rule where the literal interpretation would lead to an absurdity.

What was the mischief that the framers intended to avoid and when does the security in social security come into play?

In any case if that be the case, it’s about time the law be amended to take into account such unprecedented disruptions in savers lifestyle.

And here is partly why.

Life expectancy for Ugandans according to World Health Organisation (WHO) is on average 62.5 years (placing Uganda at rank 159) yet retirement age ( when you can begin pursuing your savings) is 55 years or 50 years for early retirement as per NSSF Act and 60 years from Public service.

Factor in time to process this money and by now you get my argument.

The high cost of administration and governance structure (Government hovers over the board like a floating swarm of locusts) leading to lack of independence and accountability to members but rather to the appointing authority.

The board’s investments have been mainly in illiquid housing making negative returns. (Workers House , Buildings in Mbarara and Jinja and many other places and the colossal Pensions Tower under construction)

The law should be reformed to provide for academic and professional qualifications of Board members and the system of appointment ought to be subject to parliamentary vetting.

Members should also be able to access their funds in cases of emergencies beyond the limits set by the law as it is.

The sector should be liberalised to encourage private sector player get involved.

We now have a number of private occupational retirement schemes which are really provident funds established under the Uganda Retirements Benefits Regulatory Authority Act ,2011 and many private sector players are choosing this because the employer as a sponsor can choose their terms especially to avoid the high contributions rates which is a disincentive.

Ironically ,if one dies from C19 related complications, his dependants can claim benefits but he/she is excluded from accessing the very funds he/she spent a lifetime sweating for since the law didn’t foresee this.

The same funds that could probably have saved his/her life ?

Kamunguluze just and the relevance of this baffles me and then all the resistance to private pension is probably a calculated move.

FWB indeed you can contribute your lifetime but no commitment until you’re too old. Who would want to give up such vast sums of money inaccessible until one is retired and probably expired.

Tune in to FWB season 4 …to be continued.

 

Tags: covid-19fwbMukasa Sirajeh Katantazinssf
ShareTweetSend
Previous Post

Opinion: The lawless rule and demons surrounding the parliamentary Covid-19 money saga

Next Post

UPDF refutes reports of deployment in DRC

NP admin

NP admin

Related Posts

Nine pharmacies closed, 13 arrested as NDA swoops in to pharmacies operating outside the law 

OPINION: Closure of errant drug shops

by Edward Kafufu Baliddawa
February 7, 2023
0

While it is in order to commend and congratulate NDA and it's management for being vigilant in reining in those...

OPINION: Simple ways to help you rule your finances in 2023

OPINION: Simple ways to help you rule your finances in 2023

by NP admin
January 31, 2023
0

By Jacqueline Kalembe There is a popular jest among people who do not save that goes; “you can’t save what...

OPINION:Driving growth and efficiency for Uganda’s businesses

OPINION:Driving growth and efficiency for Uganda’s businesses

by NP admin
January 30, 2023
0

By Martin Kasasira Technology has been the major driving force behind the growth of the logistics industry in Africa. In...

Lions Club donates food items to slum dwellers in Nsambya

OPINION: The required “kibalo” in increasing productivity and ensuring food security

by Edward Kafufu Baliddawa
January 30, 2023
0

The questions that must be asked and which the policy makers in Zimbabwe asked that enabled them to achieve food...

Next Post
UPDF, PRAU in drive to clean Mulago hospital in Kawempe

UPDF refutes reports of deployment in DRC

ADVERTISEMENT
  • Trending
  • Comments
  • Latest
How fake female UPDF colonel was undressed

How fake female UPDF colonel was undressed

February 3, 2023
Matua: Minister Amongi gave me evidence to pin NSSF rot

Who is Richard Matua: the NSSF petitioner? 

February 4, 2023
US court awards family of Ugandan activist Nakajjigo Shs40bn over her wrongful death

US court awards family of Ugandan activist Nakajjigo Shs40bn over her wrongful death

February 1, 2023
Auditor General pins NSSF on suspense accounts

Auditor General pins NSSF on suspense accounts

February 7, 2023
Ibrahim Sekagya named as New York Red Bulls II head coach

Ibrahim Sekagya named as New York Red Bulls II head coach

February 7, 2023
The influence of GamStop on the gaming industry

The influence of GamStop on the gaming industry

February 7, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Careers
Call us: +256-417-720-101
Email: [email protected]

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.

No Result
View All Result
  • News
    • Politics
    • Business
    • 2021 Elections Watch
      • The Election Podcast
    • Exclusive
    • Investigations
  • Education
  • Security
    • Cyber Security
  • Health
    • Coronavirus outbreak
  • Opinions
    • Columns
      • Parting Shot
      • Two Sides of a Coin
      • Bazanye’s Quick Shots
      • Mable Twegumye Zake’s #BitsOfMe&You
      • But this Year!
      • What Did I Miss?
  • Lifestyle
    • Hatmahz Kitchen
    • Food Hub
    • Let’s Talk About Sex
    • Entertainment
    • Tour & Travel
    • Love Therapist
    • Homes
  • Global
    • Africa
    • Asia
    • Middle East
    • Europe
    • The Americas
  • East Africa
    • Kenya
    • Rwanda
    • Tanzania
    • South Sudan
    • DR Congo
    • Ethiopia
    • Sudan
  • Technology
  • Ask the Mechanic
  • Special Reports
    • Kabaka Mutebi’s 25th Coronation Series
    • Focus on Somalia
    • Sino-Africa
    • Uganda at 56
    • Anti-Corruption Fight
    • Age Limit Map
    • Tuve Ku Kaveera
  • Sports
    • Place-It
    • StarTimes Uganda Premier League
    • Bundesliga
    • World Cup
  • Jobs

© 2020 Nile Post Uganda Ltd. - A Next Media Services Company.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?