The National Social Security Fund (NSSF) has announced that its members will receive a 10% return on their savings for the financial year 2022/23. This news was shared by Finance Minister Matia Kasaija during the 11th Annual Members’ Hybrid meeting held at the Kampala Serena Hotel on Tuesday.
Compared to the previous year’s interest rate of 9.35%, which was the lowest rate in the past ten years, this 10% interest rate represents an increase. Experts had anticipated a shift, with predictions ranging from 10% to 14% for interest rates.
Speaking in Kampala, NSSF’s managing director, Patrick Ayota, acknowledged the challenges posed by decreasing yields on bonds. Despite these challenges, NSSF reported a 15% increase in total realized income, rising from sh1.9 trillion to sh2.2 trillion for the fiscal year ending on June 30, 2023.
Ayota attributed the growth in earnings to interest income, which increased from sh1.79 trillion to sh2 trillion, and dividend income, which grew from sh84 billion to sh139 billion.