By Francis Lubega
24th Nov 2021
Parliament on this Wednesday morning resumed debate on the National Social Security Fund -NSSF amendment bill 2021 by approving voluntary contributions to the fund by individuals.
The NSSF amendment bill is mainly aimed at allowing mandatory contributors who have saved for 10 years with the fund and have clocked 45 years to be eligible for midterm access of at least 20 percent of their contributions.
Parliament has this morning approved the proposal by the Attorney General Kiryowa Kiwanuka to have the employer pay a 20 percent fine of the money he deducted from the failed to remit to the fund instead of the earlier proposal in the bill of forcing the employer to pay 20 million fine or face 3 years in prison.
Parliament has also approved the proposal in the bill on voluntary savers who will not be eligible for midterm access after Manjiya county mps JohnBaptist Nambeshe wanted parliament to allow them for midterm access.
The Attorney General Kiryowa Kiwanuka says that the savers will be allowed to access their funds subject to the conditions stipulated in the fund.
Kiwanuka however rejected the plea by Members of Parliament where they wanted parliament to expand the conditions under which a person can be eligible for midterm access saying this is a fund not a bank and parliament should ensure conditions do not deplete the fund.