The National Social Security Fund (NSSF) has said that it has no money available for lump sum payments if parliament passes the NSSF Amendment Bill.
This was disclosed by the fund’s Managing Director Richard Byarugaba yesterday while meeting Members of Parliament on the Gender, Labour and Social Development Committee.
Last month, the Speaker of Parliament, Jacob Oulanyah gave the committee 10 days to scrutinize the National Social Security fund -NSSF Amendment Bill 2021.
Byarugaba told the MPs that the fund is unable to pay members because all of their money is invested.
He said that this year they were planning to pay 932 billion shillings to its members, but if the bill is passed, they will need to pay 1.8 trillion shillings for only this year.
He said that they may need to pay members in a staggered manner prioritizing those in urgent need of the money.
According to Byarugaba NSSF currently has investments in the East African Community including money lent to the government in bonds.
He explained that of NSSF’s total Asset value of 15.6 trillion shillings, 2.7 trillion is invested in the Kenyan bonds, 1.4 trillion in Tanzania Bonds, 7.6 trillion in Uganda and 28 billion with the Rwandan government.
