NSSF Reduces Interest Rate

The national social security fund has reduced interest payment on the members’ savings from 12.3% to 11.23%, representing a 1.07% reduction. Richard Byarugaba, the NSSF managing director attributes this to macroeconomic challenges, which were witnessed in the previous financial year. The reduction however angered the National Organization of Trade Unions which blames drop on the misallocation of funds to institutions like the Uganda Retirement Benefits Regulatory Authority. Sampaul Nakhaima reports