New NSSF Board inaugurated for a 3 year tenure.
The amendment of the NSSF law will allow savers to access up to 20% of their savings, if they have saved for at least 10 years and attained the age of 45 years.
Drake Nyamugabwa
In accordance with the National Social Security Fund (NSSF) Act, the Minister of Finance, Planning and Economic Development, Matia Kasaija has inaugurated the 12th NSSF Board chaired by Dr Peter Kimbowa with other board members effective 1st September 2021.
Minister Matia Kasaija while speaking during the inauguration ceremony held on 7th September 2021 at Serena hotel urged the new board to ensure effective financial management that will benefit workers and the entire country.
"Following wide consultations I have appointed Dr Peter Kimbowa a corporate governance expert as Board Chairman. The job of the NSSF membership is to ensure that there is a secure love, profitable, and effective financial management of the fund for the benefit of workers in particular and the country at large" he said.
The Minister added that the composition of the board was found on a tripartite arrangement including representation from National Organisation of Trade Unions (NOTU), Confederation of Free Trade Unions (COFTU), Federation of Uganda Employee (FUE) and Government representation from Ministry of Finance, Planning and Economic Development and Ministry of Gender, Labour and Social Development.
The member of the new board (given pleasantries above) includes: Richard Byarugaba -Managing Director NSSF, Aggrey David Kibenge -from Ministry of Gender, Eng Silver Mugisha representing FUE, Peninah Tukamwesiga from COFTU, Lwabayi Hassan from NOTU, Sam Lwomoki from COFTU, Fred Bamwesige from from FUE, Patrick Ocailap from Ministry of Finance.
In his inaugural speech, the incoming Board Chairman Dr Kimbowa said that for the Fund to provide next generation solutions, there is need to embrace the opportunities created by new Industrial Revolution to leverage on technology, create better connectivity, reshape to new market conditions among others.
The Managing Director NSSF Richard Byarugaba applauded the outgoing board for the tremendous contributions made to the growth of the Fund since 2015 to-date which increased to a tune of 175%.
He outlined a series of milestones of the fund over the years including NSSF as part of Ministry of Gender, NSSF as a Coperate body in 1985, and the recent enactment of the NSSF Act.
He added that when the NSSF Act becomes operational it will be able to introduce new products to customers especially the informal sector and tell non employed.
"The NSSF Act has been presented to Parliament, once the Act occurs, the fund will be able to provide customers with new products through innovation to contribute to the delivery of new milestones while exploring new opportunities" he said.
The amendment of the NSSF law will allow savers to access up to 20% of their savings, if they have saved for at least 10 years and attained the age of 45 years.
