The Minister of Gender, Labour and Social Development Ms. Betty Amongi has disclosed that her ministry is working on a Bill that will give leeway to whoever clocks 45 years access their savings under the mid-term access regardless of having saved for 10 years.
Currently, savers who qualify for mid-term access to NSSF money should have saved with the fund for not less than 10 years.
While speaking to local government leaders and labour inspectors from Northern Uganda on NSSF compliance process on Tuesday, the minister said they wanted to address members’ concerns, which had stopped many from joining the fund.
“Many members have been complaining that the midterm access which they had hoped to indicate when you reach 45 years, the law is framed in such a way that you must have saved continuously for at least 10 years. So with that crafting of the law, they have appealed to amend the law so that it can state explicitly that anyone who reaches 45 can access midterm,” Among said.
“That is where we consulted with the Attorney General and he has already given us a go-ahead. We have drafted a Bill to support those who have reached 45 access their NSSF savings and it’s not a significant number that will destabilize the fund,” she added.
The minister has further revealed that government is in the process of making regulations stipulating how voluntary saving will be undertaken and how it will be accessed.
“The team from the Ministry of Gender, NSSF and the inter-ministerial committee composed of finance and others are already undertaking the regulation. When it reaches my desk, I will undertake political consultation and Cabinet before we issue that,” Among explained.