NSSF managing director Richard Byarugaba told Daily Monitor last Thursday the fund is finalising a shift in the Fund system to allow for pay out.
Mr Byarugaba said this was necessary because the current system, as enshrined in the policy, would not permit the Fund to implement midterm access.
“We were meant to implement it in October, but we are doing it now. On November 1, we will have a new system and if the law is passed by then, we will be able to make those payments,” he said.
Mr Byarugaba said the Fund projects payout of midterm benefits this year alone to hit the Shs500b mark. Mid-term access of up to 20 per cent benefits for those who are 45 years and above, and have made regular contributions for at least 10 years, was endorsed by President Museveni on August 4.
It, however, hit a snag when Speaker of Parliament Jacob Oulanyah annulled business from the 10th Parliament.
This included the NSSF Amendment Bill (2019) that granted access to the benefits. This forced the government to reintroduce the bill, which was tabled for first reading on September 29.