PAGE MENU
CATEGORY MENU

CONTRIBUTIONS TO UGANDA’S SOCIAL SECURITY FUND TOPS ONE TRILLION SHILLINGS

KAMPALA-- Contributions to Uganda's National Social Security Fund (NSSF) has now topped the one trilling-shilling (about 266 million US dollars) mark, after showing an increase of 14 per cent increase in member's contributions in the 2017/2018 financial year.

The increase in contributions was largely driven by new innovative ways of attracting members and improved compliance levels, the Fund said in its latest financial report for 2017/2018, which shows that contribution hit 1.05 trillion shillings, up from 917 billion shillings at the end of the previous year.

In 2017, the NSSF launched a voluntary membership scheme to recruit contributors from the informal sector as a way to rope in more members. As a result, the fund has managed to collect 7.0 billion shillings in voluntary contributions from 10,000 new members in an exercise which was also driven by mobile money platforms.

The Fund also announced that it will be reducing the number of physical branches to cut back on operational costs. We have not grown more efficient in the way we do business. But we have maintained the required discipline we made and we continue to focus on creating value for our members at a low cost, NSSF managing director Richard Byarugaba told journalists on Wednesday.

"The cost to income ratio has declined by one per cent to 12.6 per cent for the financial year 2017/2018 from 13.4 per cent the previous financial year," he said. "Meanwhile, the Fund's total assets also hit 9.8 trillion shillings as at June 2018, representing a 26 per cent increase from 7.2 trillion shillings the previous year. Incomes also grew to 1.6 trillion in 2017/18, representing a 77 per cent growth in the period under review."

Source: NAM NEWS NETWORK

Related Post
Ask Esther Imaniragena to name her top challenge as she doles out contraceptive advice and
Uber Technologies may roll out a new service in Kenya to help users book seats
KAMPALA � Kampala Capital City Authority (KCCA) and the United Nations World Food Programme (WFP)

Comments are closed.