Ugandan President, Yoweri Museveni has signed the National Social Security Fund (Amendment) Bill 2021 into law. This was issued in a statement by the Senior Presidential Press Secretary, Lindah Nabusayi.
In November last year, Ugandan Parliament had passed the NSSF Bill, 2021 which among others, provided midterm access to the contributors and remove restrictions on access for voluntary savings.
While debating the report of the Committee on Gender, Labour and Social Development on the NSSF Bill, Parliament voted to amend Section 24A of the principal Act to allow workers who are 45 years and above and have saved for at least 10 years to have a midterm access of up to 20 per cent of their savings, whilst persons With disabilities (PWDs) who have saved with the Fund for more than 10 years can have access of up to 50 per cent of their accrued savings.
The bill was first passed by the 10th Parliament before it was returned to the House by President Museveni and later re-tabled by the 11th Parliament after the lapse of business of the previous Parliament.
The new law further grants the Minister power to prescribe by regulations and in consultation with the Board, the procedure for making voluntary contributions and benefits.
On the supervisory role of NSSF, the Ugandan parliament also voted that the Ministry of Gender takes the lead role in handling social security matters while Ministry of Finance’s role is limited to handling matters on finances and investments of the Fund. This has been one of the most contentious clauses in the Bill.
News3 days ago
Fresh Details Emerge On Why Gunmen Abducted Bayelsa Commissioner
Politics5 days ago
THE FALSE ZONING PROPAGANDA IN BAYELSA WEST: THE TRUE POSITION.
Politics7 days ago
North-Central Reportedly Gets APC National Chairman Slot, South-East Gets National Secretary
Breaking News7 days ago
BREAKING Court Declares Nnamdi Kanu’s Arrest As Illegal, Orders Nigerian Government To Pay Him N1billion
News4 days ago
Gunmen Kidnap Commissioner Over Disagreement To Set-Up Illegal Refinery In Bayelsa
News6 days ago
I fainted when my wife said I’m not father of our 14-yr-old daughter
Crime5 days ago
Face Of School Teacher Who Abducted And Brutally Murdered Missing 5-Year-Old Girl
Sports5 days ago
AFCON 2021: Nigeria Take On Tunisia In Second Round