The National Social Security Fund Managing Director Mr. Richard Patrick Byarugaba has asked all its members (Employers and employees) to utilize their available technological innovation especially their online channels and platforms.
This was emphasized during the NSSF western regional employer meeting which was held at Hotel Triangle in Mbarara on Tuesday.
“I want all the processes to be online I want our customers to have the best custom experience making sure that all the ingredients are in place so that to have a one day benefit when applied online” Byarugaba charged
Byarugaba, who was appointed the NSSF managing director in 2010, told journalists that he has done a lot to the firm since then.
“When I joined NSSF in 2010 we had one point three trillion shillings assets under management but today it is at twelve point five (12.5) trillion shillings assets under management”
“We had over twenty five branches and over six hundred fifty staff and today the number is lower at four hundred sixty and sixteen branches. We are a lot more efficient our cost of administration was over three point five (3.5% and today it’s at 1.7%, the fund has done tremendously and continued to be efficient” Byarugaba explained
He added that most of the operations right from registration up to checking the savings is done electronically chasing away the paper work way of running systems at NSSF.
“We are running a paperless process and cost of doing business is better. Currently most of our services are offered online you can register and update your details online and apply to follow up your benefits but our intention is that by the end of this financial year that process of withdraw and age benefit will be availed to our members electronically”
After complying with NSSF, each member pays 15% from his salary earnings every month.
According to the current statistics, out of 19million Ugandans, 2 ½ million people do save with NSSF.
And only 2.5 (3%) members have more than fifty million shillings that demonstrates clearly that the current 15% that members pay is not sufficient to cover their NSSF benefits which include medical fees and others basing on low salaries that individuals earn.
The firm now has 12.5trillion Shs and has projected to collect 20trillion shillings by the year 2025.
“Currently we’ve been able to collect twelve point five (12.5) trillion shillings and we are on course to collect twenty (20) trillion shillings by 2025” Byarugaba charged
NSSF has 16 branch offices, 4 sub branches and 34 outreach centers across the country.
The firm invests in asset classes and has diversified its economy in neighboring countries of Rwanda, Kenya and Tanzania at 40%.
And 12% of the country’s GDP is in NSSF, a firm that legally lends part of its money to government.
Mr. Byarugaba encouraged Ugandans to invest in NSSF as one way of escaping inflation rates which do hit the country.
“Our compliance levels have greatly improved and we are quite happy with the progress we’ve been able to make and we continue to encourage companies to become complaint that more people get onto the pension ladder than it was before” said Byarugaba
The NSSF Director equally advised its members to always leave wills behind for the next of kin to use their money when they have gone.
“All of you update your details if you are not married inform somebody you trust. If your married then tell your spouse and in a proper way” said Byarugaba
The National Social Security Fund (NSSF) Head of Business Manager Mr. Geoffrey Sajabi also warned NGOs against none compliance to join the government firm.
“You find that NGOs have two hundred employees and ninety are volunteers and when you go deep into their records you find that volunteers are being paid a salary. The moment you begin to pay them they lose that title because a volunteer simply comes and says for me the lord has prevailed upon me and am coming to offer a service at no cost its God who will reward me for whatever I am doing but the moment you bring the reward on earth then you should start to treat them as employees” Sajabi explained
He also advised Ugandans not to invest all their money in land.
“Never put your eggs in one basket if you’re an investor like us we diversified our assets in Tanzania, Kenya and Rwanda meaning that when there is inflation in one of these states then it won’t affect us because other states will be earning us some good money” said Sajabi