The National Social Security Fund (NSSF) has announced a revenue increase of 15% from Shs1.9 trillion to Shs2.2 trillion for the Financial Year 2022/2023.
While releasing the Fund’s performance report for the year 2023, the NSSF Managing Director, Mr. Patrick Ayota attributed the growth to increased earnings in interest income from Shs1.7 trillion to Shs2 trillion.
He says although the investment environment in Uganda and the region was challenging over the last financial year, the Fund was able to increase its revenue, owing to strategic asset allocation that enabled it to remain profitable, despite a generally depressed market.
“While our performance remains strong and the Fund is a profitable institution, and in some years, we will experience some volatility, our strategic focus is on the long-term sustainability of the Fund,” Ayota said on Wednesday.
“Our new “Vision 2035” is the bedrock of our long-term strategic focus where we want to grow the Fund to 50 trillion shillings, cover at least 50% of the working population, and achieve 95% and both customer satisfaction and staff engagement,” he added.
He says the Rate of Compliance slightly improved from 55% to 57% in the Financial Year 2022/2023