$2bn social security fund opens corporate centre

February 8, 2018 in Business, Companies, Finance, Infrastructure, Investment by Editor

February 8—The National Social Security Fund (NSSF), with just over $2 billion in total assets, has launched a new corporate centre aimed at helping contributing institutions/ employers access customised services on issues related to their contributions.

Byarugaba (left) briefs his guests about the new facility intended to improve the interface between the NSSF and top corporate contributors.

“So far, employers’ contribution compliance is at 80%. We understand that the employers are our customers, because they are the ones who contribute on behalf of our members. This centre will improve compliance levels because the employer will access all services and address any concerns at one spot,” Richard Byarugaba the NSSF managing director said while giving a tour to some of Uganda’s top corporate employers.

NSSF currently has about 800,000 active members on the books, almost all drawn from formal sector employment. The employer must deduct 5% from the employees total gross monthly wage and add 10% of the total gross monthly wage making a total contribution of 15% for each employee. In mid-2017, NSSF recorded it’s highest monthly returns when cash payments topped $100 billion ($28 million).

The new modern corporate center is located on the first floor of the Workers’ House in central Kampala. It will supplement the Funds Online E-Collection System that was launched last year to enable employers pay NSSF contributions straight to the Fund’s bank account along with payment schedules.

Byarugaba said the new centre will improve overall customer experience by providing specialised services that are fast, efficient and convenient.

Fabian Kasi, the Chairman of Uganda Bankers Association and Managing Director of Centenary Bank, who spoke on behalf of the invited employers, praised the Fund’s management for the continuous innovations aimed at maximising customer care.

“This will help in attracting new members. I expect compliance level to be at 100% soon because the process of contributing has been made easier, faster and efficient,” Kasi said.