By Shamim Nateebwa
The Permanent Secretary in the ministry of finance and Secretary to the Treasury Keith Muhakanizi has asked workers to go slow on the proposal to have 20% of their savings withdrawn from the NSSF.
There have been numerous calls from workers representatives, legislators and some sections of the civil society for the National Social Security Fund to pay out that money to workers to help them deal with the COVID-19 financial distress.
However, while launching the national budget month for the financial year 2020/21 this morning, Muhakanizi says such a move is unrealistic and needs to be studied carefully.
He says it is important to carefully assess the capacity of the NSSF to pay out that money to everyone given that when funds are remitted, they are invested in long term business ventures.
He also warns that such a move would cause a run on the Fund.