Parliament has passed the National Social Security Fund (Amendment) Bill, 2021 allowing 20 percent midterm access to the contributors who have saved for over 10 years and are 45 years old.
The bill also streamlined the supervision of the 15 trillion shilling fund between the Ministries of Gender and of Finance.
The workers, government, and the Gender committee agreed to have the Ministry of Gender supervise the social security aspect, while the Ministry of Finance will be in charge of the finance and investment aspects.
The bill also provided for voluntary savings and made it mandatory for employers to remit NSSF savings for workers irrespective of the number of employees.
Although the 10th Parliament had passed the bill, it was never assented to by the president and it was considered as business that lapsed by the 11th Parliament.
The Minister of Lands Betty Amongi said she was glad that the bill was passed and Ugandans can now get midterm savings.
The Bill will become an act of Parliament once it is accented to by the President. The President has 30 days to assent to the bill.