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NSSF has Paid out 1 Trillion shillings in Pension Benefits in the last 30 years

The National Social Security Fund (NSSF) has paid 1,039,002,941,437 in benefits to over 200,000 members over the last 30 years, Managing Director Richard Byarugaba revealed today as he announced the Fund’s 30-year anniversary celebrations.
“We can confidently say that over the last 30 years, the Fund has fulfilled its mandate of providing social security services to the country’s workforce. We have seen consistent growth in benefits paid from about Ushs 1.6m in 1986 to Ushs 186 billion in 2015,” Byarugaba told journalists at Workers House in Kampala.
“Over the 30 years, we have grown to become the largest Fund in East Africa by value and the largest financial institution in Uganda” Byarugaba said.
He added that the celebration of 30 years since NSSF was established by the NSSF Act (Cap222) is all about the Fund’s members.
“Our anniversary theme is ‘Social protection driving economic growth’. By fulfilling our social protection mandate, we have contributed to Uganda’s economic growth. This anniversary is a great platform to celebrate with our members and reinforce our position as the social security provider of choice in Uganda,” he said.
President Yoweri Kaguta Museveni is expected to preside over the anniversary celebrations on December 29, 2015, at Kampala Serena Hotel.
Statistics from the Fund’s data shows that Ushs 1,039,002,941,437 has directly gone into the pockets of members in form of benefits. Last year alone, NSSF paid Ushs 186 billion was paid to over 13,000 members. Currently we make payments to about 1,250 beneficiaries per month, more than 40 beneficiaries a day.
Byarugaba also revealed that the Fund will launch a smart card, award organizations that registered with the Fund since its inception in 1985, recognize individuals who have been instrumental in the Funds history and produce a coffee table book and documentary which will be a reference point for the Fund’s operations over the last 30 years.
He added the anniversary will also provide an opportunity to appreciate and engage all the Fund’s stakeholders, especially its members for having contributed to the growth of the Fund over the years in an exciting and memorable manner.
At the recent Annual Members Meeting, the Fund laid out its strategic path for the next 10 years, with a stronger emphasis on; growth in customer satisfaction to over 90%, improving staff satisfaction to over 90%, commitment to preserving members savings by providing members with a return of at least 2% above 10 year inflation and growing the Fund size to Shs20 trillion.
The Fund also announced an interest rate of 13% for the Financial Year 2014/15, which translated into Ushs 514 billion in monetary terms.

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