MPs Set to Vote on Access of at Least 20% NSSF Savings at The Age of 45

  • by Rodney Mponye
  • July 30, 2020

Parliament will today debate a joint House committee proposal that provides for mid-term access of National Social Security Fund (NSSF) savings.

The proposed amendments to NSSF Act seek, among other things, to allow people who have reached the age of 45 to access 20% of their savings.

Some MPs have however, threatened to remove the cap and allow NSSF members regardless of age to access part of their savings as long as they have saved with the Fund for at least 10 years.

Finance committee chairperson Henry Musasizi (NRM, Rubanda East) yesterday told Daily Monitor that he had agreed with his co-chair on the Gender committee of Parliament on proposals for NSSF members to access at least 20 per cent of their savings at 45 years of age.

He also confirmed that the NSSF (Amendment) Bill, 2019 will be tabled in Parliament today for the second reading.

The Bill, which will be presented by the Gender Committee chairperson, Mr Alex Ndeezi, had been lined up for tabling on the order paper yesterday but time didn’t allow members to reach item 6.

Mr Musasizi, however, declined to divulge details in the joint committee report but admitted that members would have mid-term access once the Bill is passed into law.

“…We agreed on 20% mid-term access. Wait for the details when it is in Parliament,” Mr Musasizi said.