By Monitor Team
The Minister of Finance, Matia Kasaija Tuesday declared a 10 percent interest rate for National Social Security (NSSF) members for the 2022/2023 financial year, arguing that this is consistent with the Fund’s commitment made in 2013 to pay savers a real annual return, that is, at least 2 percentage points above the 10-year rate of inflation.
According to the minister, the new rate which is equivalent to Shs1.591 billion in total, will be calculated and credited to the balance outstanding on the members’ accounts as of July 1, 2022.
“Last financial year, the 10-year average rate of inflation was 4.2 percent. The rate I have just declared is 5.8 percent above the 10-year average, which means that the Fund has once again delivered on its promise and surpassed it by almost 3.8 percent. To the members, thank you for trusting the NSSF with your money. The Fund is an institution we are proud of,” Mr Kasaija said during the NSSF 11th annual members meeting in Kampala. Read more