NSSF midterm payments hit shs421bn in three months

The National Social Security Fund (NSSF) has paid out a total of shs421 billion worth of midterm benefits to over 21,600 eligible members in  three months, following commencement of payments in March this year.

The payments are in respect to section 20(a) (1), of the National Social Security Fund (Amendment Act) 2022, that allows midterm access of accrued contributions to eligible members.

Richard Byarugaba, the NSSF Managing Director says surpassing the shs400 billion mark is a milestone that affirms their commitment to pay midterm benefits to qualifying members.

“At the start of this exercise on March, 7th,  this year, we committed to avail at least shs50 billion every week to pay midterm benefit. This milestone implies that in close to 3 months, we still have sufficient funds to pay every qualifying member,” he said.

According to records, a total of 21,603 applications were received by the Fund since it started the process on

March,7  when they opened for midterm access.

Of these, 13,493 applications were received at the fund’s branch network while 8,110 were received online via its self- service platforms.

At the  launch of midterm payments, the fund announced that 41,174 members were eligible for midterm benefit.

Byarugaba urged eligible members to apply for their mid term benefit using the online channel www.nssfug.org , mobile money and at the fund’s branch network countrywide.

“On average it takes about 10 days to process a claim under midterm benefit when the member meets all the required conditions."

Eligible members for the midterm benefit in accordance with  section 20(a) of the National Social Security

Fund Act, 2022 are defined as those who are  45  years of age and above and who have made contributions

to the fund for at least ten years.

These ware  eligible to midterm access to  benefits  of a sum not exceeding 20 percent of their  accrued benefits.

Also, members with disability who are 40 years old and above and have  made contributions to the fund for at least ten years, will be eligible for  midterm access of a sum of 50 percent of their  accrued benefits.

In addition, the National Social Security Fund (Midterm Access to Benefits) Regulations 2022 state that eligible members for the benefit must have at least 120 monthly contributions with the fund and may opt to apply for his benefits in installments agreed upon with the fund.

Eligible members for midterm access are required to present a National ID, verifiable mobile phone number, verifiable Bank Account, NSSF Number, one e-photo to finalise the verification and application process.