By Shamim Nateebwa
The Uganda Retirement Benefits Regulatory Authority has spoken out regarding calls for the NSSF to release a portion of savers money to help them deal with economic pressures resulting from the covid-19 pandemic.
The authority’s Director supervision and compliance Martin Nsubuga says, although they appreciate challenges posed to workers by the pandemic, with many already laid off, such a proposal cannot be effected without amendment to the law.
He says the authority is currently seeking review of the current pension regulations to guide the sector to allow for such provisions in future.
Nsubuga adds that these funds are intended to provide a safety net to members upon retirement or permanent breakdown but not to cater for emergencies such as COVID-19.