President Yoweri Museveni has signed into law the NSSF (Amendment) Bill, 2021 okaying mid-term access.
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.
Parliament in November last year passed the National Social Security Fund (Amendment) Bill, 2021.
Earlier, Parliament reached consensus on which ministry will supervise the operations and activities of the National Social Security Fund (NSSF).
There has been a big contestation on whether the supervisory role of NSSF funds should be under the Ministry of Gender, Labour and Social Development or remain under the Ministry of Finance, Planning and Economic Development under the new NSSF (Amendment) Bill, 2021 which is currently before Parliament.
MPs agreed on the dual supervisory role of NSSF with Gender Ministry taking the lead on supervising social security which includes mobilising and empowering communities to harness their potential while protecting the rights of vulnerable population groups and promoting issues of labour productivity and employment.
Social protection, gender equality rights and equity, human rights, culture and empowerment will be the other core roles. On the other hand, the role of the Ministry of Finance will only be limited to matters of finance and investments.
