June 16, 2024

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Proposals for MPs to consider as they pass the NSSF Amendment bill – Moses Mulondo

2 min read

Many young Ugandans are wondering why NSSF Midterm access should be at 45 years. What is the scientific rationale for that when retirement age is at 55!?

Let midterm access at least be 30 years or at most 35 ,years. Mark Zuckerberg of Facebook who is now among the 10 richest people in the world became a billionaire at 23 years. So, even young people can wisely invest their money because that is the basis for midterm access.

Therefore, as Parliament passes the NSSF Bill next week, please lower the midterm access age to 30 years or at maximum at 35 years.

Parliament also needs to add another amendment for allowing members who have lost jobs to use their NSSF savings to start their own income generating investments.

Another key amendment is the need for NSSF members who may want to get a given percentage of their savings to construct their own residential houses which also creates social security for them.

NSSF should be transformed into an organization that empowers its members economically to become investors who can create jobs for others not just giving handouts to people in old age when they no longer have energy to aggressively invest.

Statistics from NSSF indicate that over 90% of people who retire and get their money consume it all. in one to two years. This solidifies the need for us to shift the focus on empowering members to make investments which can create long lasting social security.

Moses Mulondo
The writer is a journalist who holds a degree in Mass Communication and a Master of Business Administration (MBA).

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