Uganda: NSSF Money Can Help Reduce Cost of Borrowing

15 January 2019
opinion

The National Social Security Fund (NSSF) was established in 1985 by an Act of Parliament to cater for the retirement needs of workers in the private sector. The fund totals $3b (Shs10 trillion) in assets. Workers contribute during their working life and receive the benefits on retirement.

Uganda continues to experience high levels of poverty among workers and those in retirement. With a saving fund of Shs10 trillion, workers would not be starving. One factor that has led to the grinding poverty in Uganda is the high cost of credit facilities. There is a cartoon that illustrates the dilemma of Uganda's middle class. It shows a worker lamenting about the ever increasing fuel, food, rent, transport, but the salary remains constant.

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