Savers with the National Social Security Fund (NSSF) will share shs2.79 trillion following the announcement of a 13.5% interest rate on their savings.
The shs2.8 trillion which is the highest that fund has ever paid out ,will be paid to members’ accounts, calculated and credited on the balance outstanding on the members’ accounts in accordance with section 36 (1) of the NSSF Act.
NSSF has for the last 10 years consistently delivered interest rates at least 2% above the 10-year average rate of inflation, ensuring the preservation and growth of the value of members’ savings.
The interest rate announcement was made during the 13th Annual Members’ Meeting held in Kampala today.
Speaking during the 13th annual members’ meeting held in Kampala on Monday, the Minister of Finance, Planning and Economic Development, Matia Kasaija, commended NSSF for expanding its asset base to shs26 trillion.
“The Fund’s Assets Under Management (AUM) increased by 17.5%, from shs22.13 trillion in the Financial Year 2023/24 to shs26 trillion in 2024/25. Against this asset base are member obligations amounting to shs 25.6 trillion, which the Fund is well placed to meet,” Kasaija said.
The Fund, according to the financial performance released by NSSF Managing Director Patrick Ayota, registered an overall growth across key indicators, highlighting an 11% increase in its earnings.
The Fund’s total revenue increased from shs3.2 trillion in 2023/24 to shs3.52 trillion in 2024/25.
The Minister of Gender, Labour and Social Development, Betty Amongi commended the Fund’s commitment to expanding social security coverage, particularly its efforts to extend services to the informal sector.
This progress follows the minister’s approval of the NSSF (Voluntary Contributions and Benefits) Regulations 2024, which paved the way for the launch of the Fund’s voluntary savings product, Smartlife Flexi, in November last year.
“I am happy to note that the NSSF Smartlife Flexi product is being embraced by the informal sector as well as the formal sector, with shs27billion contributions and over 40,000 people enrolled in only 10 months,” she said.
Amongi urged the Fund to further intensify outreach to the informal sector.
NSSF Board Chairperson Dr. David Ogong noted that the fund is committed to extending coverage to the informal sector, together with other priorities under Vision 2035.
The plan, dubbed “Vision 2035”, centres around growing the Fund to shs50 trillion, increasing NSSF coverage to 50% of the working population, and customer satisfaction of 95%.