NSSF Targeting 1.2m New Members In Five Years

Over the next half a decade, the National Social Security Fund (NSSF) has set some goals to be achieved. Apparently, the fund hopes to register 50,000 new employees as well as 1.2 million new members over the next five years.

The Fund revealed that this ambition aligns with the policy of expanding social security coverage in the country. This policy will enable more people to save for the future following some amendments of the NSSF Act, 2022.

Some of these amendments include mandatory contributions by all workers regardless of the enterprise’s size.

“I am pleased to note that since the law was passed, we have seen over 3,200 employers with less than 5 employees register with, and contribute the NSSF,” acting NSSF managing director Patrick Ayota said on Tuesday.

He said the fund realized a number of employed people that are not registered with the fund. He made these remarks during the launch of employer registration at Worker’s House in Kampala on Tuesday.

The exercise of registering with NSSF for all employers commenced in March and will stretch out to April 28, 2023.

 “We call upon unregistered employers across the country to take advantage of the next 30 days to regularise their status with the fund and avoid the penalty associated with registering late,” Ayota remarked.  

Late registration will get a penalty of 10% of the Shs75,000 each employee is supposed to contribute to the fund.

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