The bill which had been passed by the 10th parliament allowed persons with disabilities access to 75 per cent of accrued benefits after a year with no job, and granted access to 20 per cent of accrued benefits to the other savers who clock 45 or those who have saved for at least 10 years.
In September last year MPs disagreed over the clauses relating to midterm access and the supervision of the funds. At the initial stages of the Bill, the government wanted the Ministry of Finance to supervise the fund, which had earlier been transferred to the Gender docket.
Supreme Court Registrar Godfrey Anguandia Opifen in his letter dated July, 17th, 2018 to the DPP and Jamwas lawyers notes that the cases which were supposed to be heard today will be fixed at a convenient date because the justices handling the matter are not around.
The reinstatement by Justice Stephen Musota followed her successful application challenging the move by NSSF board that sent her on a forced leave on March 13 to allow investigations into claims of insubordination and failure to follow company rules on her part.
The National Social Security Fund (NSSF) has today defended the purchase of Umeme shares worth 34 billion Uganda Shillings in May 2014 after parliament had recommended the termination of its contract. Geraldine Ssali, the acting Managing Director NSSF, today reaffirmed that they had followed the procedure when the additional shares were purchased. Ssali further said that there were no indications from cabinet and the Ministry of Finance that the Umeme concession was going to be terminated.
The opening up of the pensions sector that could see National Social Security Fund (NSSF) get some competition has pulled two sides of the debate further apart. The liberalization process would see NSSF cede at least 5percent of contributions to other players and members would also be allowed to save money with a pension fund of their choice.
The National Social Security Fund (NSSF) has confirmed that it has invested 34 billion Uganda Shillings of member funds in Umeme to increase its shareholding from 8.11percent to 14.27percent. In a press statement confirming the purchase of shares, Geraldine Ssali Busulwa, the acting Managing Director, said that Umeme had delivered good returns for the Fund since the investment was made in 2012.
The National Social Security Fund (NSSF) Uganda has increased its shareholding in Umeme to 14.27percent after purchasing an additional 100 million shares at 34 billion Uganda Shillings. With this transaction, the value of shares NSSF owns in the power distributing company increases from 48 billion to 78.8 billion Uganda Shillings.
This increases the amount it borrowed from the domestic market to 1.7 trillion Uganda Shillings in 2013/14 instead of 1.02trillion Uganda Shillings. Dr Louis Kasekende, the Bank of Uganda (BOU) Deputy Governor, explained that the government had approached them to issue more government debt in 2013/14. BOU borrows the money on behalf of the government.