Uganda NSSF members could access savings early as a cushion from Covid blow
The introduction of mid-term access benefits might slow down temptations among NSSF contributors keen to cash out their savings before the official retirement age. PHOTO | FILE
Uganda’s National Social Security Fund is walking a tightrope after the government decided to provide mid-term access to middle-aged struggling savers who have been hit hard by the Covid-19 pandemic amid difficult financing choices faced by the fund’s leadership.
Under the mid-term access benefits arrangement, NSSF contributors who have saved for more than 10 years, aged over 45 years and have lost their jobs, will be allowed to withdraw 20 percent of their savings held by the state-controlled social security agency.
