9 November 2012

Uganda: NSSF Members Should Monitor Their Accounts


IN New Vision of November 1, the National Social Security Fund (NSSF) published a list of 26,000 savers most of whom have never registered with NSSF and yet their employers have been sending their contributions to the Fund.

We are interested in ensuring that all our members have their hard earned savings posted onto their individual accounts.

The published list relates to as far back as 2005 when NSSF changed the system and re-registered all members. Some members did not re-register and to-date NSSF has not succeeded in posting their money into their individual accounts.

There are several factors that have been considered in identifying the members who need to register or update their details:

The majority members whose names were published in the press, have not registered with NSSF and yet their employers have been remitting their savings. These contributions will remain in the suspense account until the members register.

Members who have more than one account number; a majority of these members work with security firms and large plantations. Members in this category should turn up to enable the merging of their accounts

Some members share names, work in the same organisation and yet only one of them has registered! This makes it difficult for NSSF to allocate the money to the specific account.

Members who registered but later changed their names. The employer will continue to send their contributions using the new name and yet the records at NSSF show the old name.

Some employers are quoting the wrong numbers, wrong names or interchanging details at the time of contributing.

Some employers have paid the outstanding arrears after being audited by NSSF. Many of such employers responded to the amnesty and whistle blower campaigns. Members in this category need to have their arrears credited to their accounts.

It is also true that many members have got married, divorced ,lost their partners, got children among others but they have never updated these records. Almost all members start contributing at the age of 25 and at this stage they have a different marital status. It is the responsibility of all members to ensure that their records are updated periodically.

However, all unallocated money has been gaining interest over time and members who turn up will have their contributions including the interest posted onto their individual accounts.

It is important, therefore, that all NSSF members take a keen interest in checking their accounts, updating their details and to ensure that the employers are remitting their contributions timely.

The writer is the head of marketing and communications NSSF

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