The scheme a creation of the national social security fund act cap. The act in its current state does not make express provision for the representation of workers, employers. The app is simple to use and provides you a convenient, easy and safe way to contact nssf anytime and anywhere. Email address employer nssf number individual register password. National social security fund amendment bill, 2019 uganda. The financial institutions act, 2004 and bank of uganda act ch. Trademarks act, 2010, 2010 uganda legal information institute. Prior to the passing of the act, the sector comprised of national social security fund nssf and public sector pension scheme psps. According to a statement from nssf, which was released during the members meeting, the funds current asset base of shs 4. The national social security fund nssf is a national saving scheme mandated to provide social secur.
The policy behind the bill is to expand social security coverage by. The proposal to amend the nssf act particularly arises from the need. Mkapa, president 22nd january, 1998 an act to establish the national social security fund and to provide for its constitution, administration and other matters related to the fund. Fund act 20, the cabinet secretary for the ministry of labour, social security and. This act may be cited as the national social security fund act, 20. Provision in agreement any provision in an agreement, or a contract of service shall be void where it a excludes or limits the operation of any provision of this act to the detriment of the employee. An overview of the recent pension reforms in uganda iflr. This act shall come into force on a date appointed by the minister by statutory instrument. The board and management are mandated by the nssf act to invest the money on behalf of the nssf members.
An act to provide for the establishment of a national social security fund and to provide for its membership, the payment of contributions to, and the payment of benefits out of, the fund and for other purposes connected therewith. However, the act has allowed for a transitional period building up to the 6%. An act to provide for the establishment of a national social security fund and to provide for its membership, the payment of contributions to, and the payment of benefits out of, the fund and for other purposes. The national social security fund nssf is a quasigovernment agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in uganda who are not covered by the government retirement scheme.
It allows you to access your estatement and monitor your transactions at nssf. In 2011, the uganda retirement benefits regulatory authority act was passed to transform the pension system in the country. The republic of uganda ministry of foreign affairs. Fast and easy login with only phone or email view your nssf estatement enrol for. The organisation and its employees contribute to the national social security fund nssf a statutory defined contribution scheme registered under nssf act. Except where the contrary is provided, nothing in this act applies to employment outside uganda. The national social security fund act, 1997 section. Nssf uganda 38 mins access all services at your home or on the go with the nssf mobile app. It should act as an incentive for people to save for their retirement. Register with national social security fund nssf one stop. Public procurement and disposal of act 11 public assets. Nssf signifies national social security fund is a national saving program mandated by the ugandan government for the provision of social security facilities to workers in uganda. What links here related changes upload file special pages permanent link page information. Nssf is ugandas largest liquidity holder with a current asset base of ug shillings 3.
Private schemes vs nssf o nssf o established by nssf act cap 222 o mandatory scheme o defined contribution but fixed 5%employee, 10%employer o eligible for all formal employers with 5 employees and above o benefits paid in lumpsum at retirement age o regulated and supervised under the urbra act 2011. National social security fund nssf ask your government uganda. Ita income tax act lst local service tax mofped ministry of finance, planning and economic development moglsd ministry of gender, labour and social development nssf national social security fund paye payasyouearn ubos uganda bureau of statistics ugx ugandan shillings ura uganda revenue authority vat valueadded tax. Welcome to the official youtube account of nssf uganda. In this act, unless the context otherwise requires. It will help drive the culture of longterm savings, as people now have a choice of either to spend. On august, 2019, government tabled the national social security fund nssf amendment bill, 2019.
Vesting of existing fund to the national social security fund. The benefit for the member is that the member is assured of secure retirement. For example, the national social security fund nssf of uganda has an investigation security officer iso who is responsible for sharing information with the relevant personnel at nssf on incidents and vulnerabilities. Currently, nssf has various investment interests in real estate, equities, and fixed income. This act may be cited as the national social security fund act 2. Constitution of the republic of uganda 1995 amended in 2005. Act 17 trademarks act 2010 limitation means any limitation of the exclusive right to the use of a trademark given by the registration of a person as owner of the trademark, including limitation of that right as to mode of use, in relation to goods to be sold or otherwise traded in, in any place in uganda, or in relation to goods to be exported to any market outside uganda.
In february 2009, the president of uganda fired the minister of finance, whose ministry supervises the activities of nssf. The national social security fund was established in 1965 through the act of parliament cap 258 of the laws of kenya. Nssf uganda, under the nssf act and uganda retirement benefits regulatory authority act, is mandated to invest within the east african community. Nssf pays higher interest rate new visionuganda news.
The main objective of this act is to ensure that all pension scheme and service providers are licensed prior to undertaking any business. The companys contributions to the defined contribution scheme are charged to profit or loss in the year to which they relate. The proposal to amend the nssf act particularly arises from the need to streamline the management ofthe fund to expand the scope of social security coverage and benefits. It initially operated as a department of the ministry of labour until 1987 when the act was amended, transforming the fund into a state corporation under the management of a board of trustees. Today, any retirement benefits scheme, whether in the private or public sector, or being mandatory or voluntary schemes, is barred from operating unless it is licensed by the authority. Enacted by parliament of the united republic of tanzania. An act of parliament to establish a national social security fund, to provide for contributions to and the payment of benefits out of the fund. View notes nssf act no 45 of 20 regulations from acc 2699 at university of nairobi. National social security fund act 1985 uganda legal.
Jan 20, 2014 the nssf act 20 comes into effect from june 1st 2014 there is a raise in nssf contributions from a maximum of kshs 200 to the new rate of 6%. Nssf s investment policy provides for clear guidelines on investments. Trademarks act, 2010, 2010 uganda legal information. Its mandate is to provide social security to employees by protecting them against uncertainties of social and economic life nssf, 2003, p. This act applies to years of income commencing on or after 1st july, 1997. Act 2002 330 leadership code act foreign when used in relation to anybody of persons or organisation, means any such body or organisation the controlling interest of which is held by persons who are not citizens of uganda or are not government or public bodies and also includes a body of persons or organisation not incorporated or.
An act of parliament to establish a national social security fund. The fund also welcomes the decision by government to retain nssf as the basic national scheme, entrusted with management of mandatory social security contributions for the entire country. The nssf is a contributory scheme and benefits are paid when a contributor. An act to amend the national social security fund act, cap. The investment centre first floor, twed plaza plot 22b lumumba avenue, kampala, uganda phone and email toll free. National social security fund the parliament of uganda. Jan, 10 2020 the national social security fund nssf has continued to register new members through nssf na marafiki campaign. The national social security fund nssf is national saving scheme mandated by government through the national social security fund act, cap 222 laws of uganda to provide social security services to employees in uganda. Uganda s national social security fund nssf is now the biggest fund in east africa, according to the fund, which could make it one of the most soughtafter institutions for finance. An act to consolidate and amend the law relating to income tax and for other connected purposes. Register with national social security fund nssf one.
Provisions of retirement benefits act to apply to the fund. The national social security fund nssf is a quasigovernment agency responsible for the. Amendment of section 2 of principal act section 2 of the public procurement and disposal of public assets act, in this act referred to as the principal act, is amended. The republic of uganda ministry of local government. Byarugaba says of the 916 billion shillings in revenues, the fund is paying 87 percent, about 681 billion shillings in interest to members. It was established by an act of parliament 1985 to provide for its membership, payment of contributions to, and payment of benefits out of the fund.
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