President Yoweri Museveni has assented into law the NSSF Amendment Bill 2021 that allows 20% mid-term access for workers who have saved for over 10 years and have reached the age of 45.
Last year, Speaker Jacob Oulanyah directed that all Bills passed by the 10th Parliament but not signed by President Yoweri Museveni will be re-tabled for fresh discussions. National Social Security Fund (NSSF) Bill was among the bills to be retabled. This year in August, President Yoweri Museveni agreed to workers having mid-term access to their savings.
However, NSSF Managing Director Richard Byarugaba came out and said that if the law is passed to provide 20% midterm access to savers, NSSF will need about Shs900 billion which they currently do not have.
Byarugaba said they will need a grace period to mobilise the funds.