The investment code act 2000 uganda investment authority. Apart from that nssf has for many years treated the town council of kikuyu and its employees as exempt persons within the meaning of section 71a and 2 of the national social security fund act and the deponent states that he is personally aware that the issue of whether criminal proceedings under section 36 of the nssf act can be. An overview of the recent pension reforms in uganda iflr. Nssf s investment policy provides for clear guidelines on investments. Nov 23, 2017 national social security fund nssf remains particularly for services to the employees in the private sector. We empathise with our members who continue to demand partial access. Byarugaba says of the 916 billion shillings in revenues, the fund is paying 87 percent, about 681 billion shillings in interest to members. The transaction which is valued at ugx145billion was approved by the capital markets authority of uganda, capital markets authority of kenya, and has been undertaken pursuant to the capital markets act. The investment centre first floor, twed plaza plot 22b lumumba avenue, kampala, uganda phone and email toll free. It initially operated as a department of the ministry of labour until 1987 when the act was amended, transforming the fund into a state corporation under the management of a board of trustees. Did3 is a letter from the 1 st defendant to the 2 nd defendant dated september 18, 2008 on the. The national social security fund nssf is a national saving scheme mandated to provide social secur. Introduction on 17 th november 2017 the government of the united republic of tanzania tabled to the parliament legislative proposals for the enactment of the public service social security fund act, 2017 the bill.
A reading of section 33 of the national social security fund act cap 258, indicated that the cabinet secretary, ministry of labour social security and services, had a critical role in the appointment of the managing trustee of the national social security fund but there was no similar role for the cabinet secretary in the appointment of other. Psssf fully operational as board named the citizen. Nov 28, 2017 tanzania has started the process of merging its seven social security funds into two schemes, with the aim of boosting service delivery. Nssf go is a blend of electronic service channels including a mobile app, through which the funds 1. Aston kajara, the state minister for finance, on wednesday announced that nssf would pay its members an interest rate of 11.
Nssf signifies national social security fund is a national saving program mandated by the ugandan government for the provision of social security facilities to workers in uganda. Welcome to the official youtube account of nssf uganda. The new nssf guidelines that were published last friday require employers to deduct and remit contributions for the casuals in accordance with the provisions of the act. The national social security fund nssf announced on friday that it will pay an interest of 12. Guide for membersall you need to need to know about nssf servicesa better future. How to calculate paye in uganda understanding taxes. Currently, nssf has various investment interests in real estate, equities, and fixed income. Nssf targets casuals with new pension savings rules. Nssf uganda, under the nssf act and uganda retirement benefits regulatory authority act, is mandated to invest within the east african community. Today, any retirement benefits scheme, whether in the private or public sector, or being mandatory or voluntary schemes, is barred from operating unless it is licensed by the authority.
Did1 is a letter from the 2 nd defendant to the 1 st defendant dated august 07, 2008 on the subject. Nssf also announced that it had set up a call centre with a toll free line. Unlike the old nssf act which limited mandatory membership only to the nssf, the new act gives provisions for membership in other pension schemes. Mkapa, president 22nd january, 1998 an act to establish the national social security fund and to provide for its constitution, administration and other matters related to the fund. The national social security fund nssf is a quasigovernment agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in uganda who are not covered by the government retirement scheme. It was established by an act of parliament 1985 to provide for its membership, payment of contributions to, and payment of benefits out of the fund. An act to establish a code to make provision in the law relating to local and foreign investments in uganda by providing more favorable conditions for investment, to establish the uganda investment authority and to provide for other related matters. This act may be cited as the national social security fund act 2. The national social security fund nssf is national saving scheme mandated by government through the national social security fund act, cap 222 laws of uganda to provide social security services to employees in uganda. Hill branch, social security hse, block c, bishops rd, ground flr p. Email address employer nssf number individual register password. Under the national social security act of 20, both employed and the self.
Enacted by parliament of the united republic of tanzania. The nssf is a national savings scheme mandated by the government, through the national social security fund act to provide social security services to workers in uganda. Under this move the entire public workforce will now be served by the public service social security fund psssf and the national social security fund nssf, which will cater for the. Now that you seen the amount which makes you qualify, just use dive the rate by your gross income eg if you are at 10%, a resident and earning 300,000, it should be 10100. The petition number 11 of 2014 challenging the implementation of the nssf act no. An act of parliament to establish a national social security fund. There is a raise in nssf contributions from a maximum of kshs 200 to the new rate of 6%. Private schemes vs nssf o nssf o established by nssf act cap 222 o mandatory scheme o defined contribution but fixed 5%employee, 10%employer o eligible for all formal employers with 5 employees and above o benefits paid in lumpsum at retirement age o regulated and supervised under the urbra act 2011. Nssf is always striving to positively affect the future of the shooting sports. The nssf act 20 comes into effect from june 1st 2014.
For users of wingubox payroll, these changes have been effected automatically for you. Resolve leadership impasse at the nssf new visionuganda. The board and management are mandated by the nssf act to invest the money on behalf of the nssf members. The national social security fund nssf is a national saving scheme mandated by government through thenational social security act, cap 222 laws of uganda to provide social security services to employees inuganda. National social security fund in uganda to build low cost.
Prior to the passing of the act, the sector comprised of national social security fund nssf and public sector pension scheme psps. It allows you to access your estatement and monitor your transactions at nssf. Apr 24, 2017 ugandas national social security fund nssf says it will embark on the construction of low cost houses in the area within the next five years. Nssf pays higher interest rate new visionuganda news. The national social security fund nssf has launched an sms service which will enable its members to get access to their contributions balances on their mobile phones, and detailed statements online from nssfs website. An act of parliament to establish a national social security fund, to provide for contributions to and the payment of benefits out of the fund. In a move aimed at helping tanzania industrialise, the government directed social security funds to shift focus away from real estate to industrial development. Register with national social security fund nssf one stop.
President john magufuli has already signed into law the public service social security act, 2018 which seeks to merge all the pension funds into just two major entities, the deputy speaker of the. Psssf was established by the public social service act, 2018, which was assented to by president magufuli, this year, to merge all pensions funds into two. Ugandas national social security fund nssf is now the biggest fund in east africa, according to the fund, which could make it one of the most soughtafter institutions for finance. Nssf uganda users can now keep track of their saving using their mobile smartphones. Goes to nssf, or to a registered private pension scheme of which the employee is a valid member by the commencement date. An act to provide for the establishment of a national social security fund and to provide for its membership, the payment of contributions to, and the payment of benefits out of, the fund and for other purposes connected therewith. Box 22, benjamin mkapa pension towers, azikiwe st, dar es salaam,tanzania 255 22 216340019 or 255 75 6140140 255 22 2200037.
View notes nssf act no 45 of 20 regulations from acc 2699 at university of nairobi. National social security fund nssf remains particularly for services to the employees in the private sector. National social security fund act 1985 uganda legal. According to a statement from nssf, which was released during the members meeting, the funds current asset base of shs 4. Ugandas national social security fund nssf says it will embark on the construction of low cost houses in the area within the next five years. Jan 20, 2014 the nssf act 20 comes into effect from june 1st 2014. Breakthrough attorneys the government introduces a bill. Aug 01, 2018 psssf was established by the public social service act, 2018, which was assented to by president magufuli, this year, to merge all pensions funds into two. Biggest news source for news in uganda and the east african region,breaking news in uganda and daily news. However, the act has allowed for a transitional period building up to the 6%. Register with national social security fund nssf one. Uganda s national social security fund nssf is now the biggest fund in east africa, according to the fund, which could make it one of the most soughtafter institutions for finance.
Private schemes vs nssf o nssf o established by nssf act cap 222 o mandatory scheme o defined contribution but fixed 5%employee, 10%employer o eligible for all formal employers with 5 employees and above o benefits paid in lumpsum at retirement age o. The national social security fund nssf has continued to register new members through nssf na marafiki campaign. The funds md mr, richard byarugaba throws more light on the investment decision. Uganda, is presently undergoing landmark reforms in the pensions sector.
An act to provide for the establishment of a national social security fund and to provide for its membership, the payment of contributions to, and the payment of benefits out of, the fund and for other purposes. He also submitted that section 14 of the nssf act provides for penalty for delay of payment of contribution. National social security fund in uganda to build low cost houses. Fast and easy login with only phone or email view your nssf estatement enrol for. National social security fund nssf ask your government uganda. In total, the fund will pay shs606 billion to its members. Did2 is a letter from the 2 nd defendant to the 1 st defendant dated 25 th august 2008 on the subject. The national social security fund interest on benefits notice, legal notice no. Resolve leadership impasse at the nssf new visionuganda news. The national social security fund was established in 1965 through the act of parliament cap 258 of the laws of kenya. The app is simple to use and provides you a convenient, easy and safe way to contact nssf anytime and anywhere. The benefit for the member is that the member is assured of secure retirement. It was established by an act of parliament 1985 to provide for its membership, payment of contributions to, and payment of.
The answer you get is the amount you are entitled to pay. To do that, the national social security fund nssf today launched a mobile app dubbed nssf go. In the article below, our regulator, uganda retirement benefits regulatory authority provides some insights why a scheme like nssf doesnt provide such partial payments. Tanzania has started the process of merging its seven social security funds into two schemes, with the aim of boosting service delivery. Participation for both employers and employees is compulsory. After deliberations between all the parties including nssf, it was agreed that the interim orders issued on 25 th june 2014 that barred nssf from implementing sections 18, 19, 20, and 71 of the act were extended until the. Jan, 10 2020 the national social security fund nssf has continued to register new members through nssf na marafiki campaign. The land, which had been lost was recovered only recently and the nssf is taking the opportunity to construct low cost. Nssf launches sms, estatements service uganda correspondent.
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