Amidst leadership storm, NSSF pays out Shs95.3bn to members

Amidst ongoing challenges, the National Social Security Fund (NSSF) has announced that in the past 24 days, it paid out Shs95.3 billion to members.

Addressing journalists on Wednesday morning, acting NSSF Managing Director, Patrick Ayota said despite the ongoing allegations of turbulence at the fund, they have performed well in the past six months and first part of the New Year 2023.

“In the past 24 days of the month of January, the fund paid out shs95.3 billion to over 3000 members compared to shs49.9billion to 1337 members in the same period in 2022,” Ayota said.

He added that as of December 31, 2022, the fund was worth shs17.88 trillion with fixed income contributing to 78%, equities at 15% and real estate at 7%  whereas contributions increased by 22% from shs643billion in December 2021 to shs786 billion.

“Amidst all this noise, between January 1 and 24, we have collected shs121 billion which is 24% more than we did during the same period the previous year.”

Performance

The acting NSSF Managing Director explained that by December,2022, realized income had increased by 17% to shs1.054 trillion in December 20222 from shs900bn in the previous financial year

In the same vein, the benefits paid to qualifying members increased by 96% to 712bn in December 2022 from 364 billion  in the previous year.

“Even if all this is going on, members are receiving their benefits. From an investment safety perspective, the investments are as safe as they were a year or five years ago.”

The chaos

Towards the  end of last year, chaos has been brewing at the fund following reports of a delay in the renewal of the contract for Managing Director Richard Byarugaba.

The chairman general of the National Organisation of Trade Unions (NOTU), Usher Wilson Owere, accused Gender Minister Betty Amongi of witch-hunting   Byarugaba.

Earlier this year, a leaked letter indicated that Minister Amongi was accusing Byarugaba of corruption and mismanagement of NSSF prompting a halt in the renewal of his contract, having earlier renewed the one for his deputy Patrick Ayota , both of whom had clocked the mandatory retirement age of 60.

This state of affairs has tested the confidence of NSSF members with many expressing concern over the fate of their savings in the midst of the storm.

Speaking on Wednesday, the acting NSSF Managing Director allayed fears by the members of the public, noting that their savings are safe with the fund.

"Your money is safe with or without us,"Ayota said.