President Yoweri Museveni has signed into law the the NSSF (Amendment) Bill, 2021, his Senior Press Secretary Lindah Nabusayi has said in a brief statement.
A key provision in the NSSF (Amendment) Bill, 2021 will grant members aged 45 and above and who have saved for at least a decade, midterm access to 20% of their savings.
Members of the National Social Security Fund (NSSF) eligible for midterm benefits are excited and looking forward to getting their hands on the cash after President Museveni assented to NSSF (Amendment) Bill, 2021.
“H.E @KagutaMuseveni has assented to the National Social Security Fund (Amendment) Bill 2021. Congratulations to Parliament, savers and all stakeholders for their input in the process,” the deputy presidential press secretary, Mr Faruk Kirunda, announced in a Tuesday afternoon tweet.
This comes a month after Parliament on November 24, 2021 passed the Bill after considering the president’s proposed amendments and agreeing on the major issues of contention.
This means that the law will be published in the gazette before it comes into force.
The Act states that the provision for members, who have both clocked 45 years and saved consistently for 10 years, will become operational upon the issuance of a statutory instrument by the Minister of Gender, Labour and Social Development, the supervisor of the Fund.
In November, the MPs gave the minister a maximum of 60 days (two months) to issue the statutory instrument that would stipulate and spell out the regulations and the way the money would be paid out to eligible members.
Ms Betty Amongi, the minister of Gender, Labour and Social Development, told MPs they are already working on the statutory instrument to ensure it is ready within the specified time period.
