By Ritah Kemigisa
Despite the shocks caused by the covid19 pandemic, members of the National Social security Fund, NSSF will be paid a higher interest for the financial year 2021/2022.
Officiating at the fund’s 9th Annual members meeting, the finance minister Matia Kasaija declared a 12.15% interest rate on savings.
This is higher than the 10.75% paid by the fund in the last financial year.
According to Kasaija, the fund will now pay shs 1.52 trillion to all its members which is an increase from the shs 1.14 trillion paid last financial year.
Kasaija has meanwhile tasked Ugandans to adopt the culture of saving saying the pandemic has taught many a tough lesson.
Meanwhile, the NSSF Managing Director Richard Byarugaba says the fund grew its asset base by 17% translating into shs 15.5 trillion largely driven by investment incomes.
He adds that their biggest growth was registered in incomes from 1.4 trillion to shs 1.8 trillion.
In the 2017/18 financial year, NSSF paid the highest interest rate to its members of 15%.