The National Social Security Fund (NSSF) has said that it will only implement the clause on the mid-term access after the NSSF Amendment Bill 2019 is returned to Parliament and then later consented to by the President.
According to NSSF, the President’s Wednesday pronouncement on the midterm access clause of the Bill does not mean that it immediately takes effect.
“The Fund has received several inquiries following the President’s pronouncement on the midterm access clause 24 A (2) of the NSSF Amendment Bill 2019, to allow members who are 45 years and above, and have contributed to the Fund for 10 years to access up to 20% of their accrued benefits. The Fund advises its members that this announcement does not now mean that the NSSF Amendment Bill has been enacted into law,” Richard Byarugaba, the NSSF Managing Director, said in a statement on Thursday, 05 August 2021.
“Like all other bills, the NSSF Amendment Bill (2019) will be returned to Parliament by the President for further processing. The Bill shall be enacted into law only after Parliament has returned it to the President and he has assented to it,” he added.
The Fund adds that upon the Bill’s enactment, regulations to operationalise the Midterm Access clause will be developed and issued by the minister responsible for the Fund, at which point members will then access their midterm benefits.
“The Fund has no control over this process but remains committed to support the speedy enactment of the NSSF Amendment Bill (2019) and thereafter the implementation of the NSSF Amendment Act,” Mr Byarugaba said.
On Wednesday, President Museveni agreed to the workers’ mid-term access after an intense debate between the top management of NSSF and Workers’ representatives.
The President’s decision means that somebody who is 45 years and above and has saved for ten years with NSSF can access up to 20% of their savings.
But the President on Wednesday noted if this does not work out, it will be a lesson learned together.
“You remember Shakespeare’s play ‘The Merchant of Venice?’ Shylock with his my pound of flesh whether you die or what! For the NRM not to be that Shylock and since these people think this is the solution, let’s go ahead,” said Museveni.
“If it doesn’t work out we shall see..learn together instead of being like shylock,” the President said, adding, “You go, I wash my hands. I have become Pontius Pilate!”