The National Social Security Fund [NSSF] has today launched a 12.15% interest payment to its members for the Financial Year 2020/21.
The Minister of Finance, Matia Kasaija has announced a 12.15% interest rate for National Social Security Fund (NSSF) members for FY 2020/2021. The announcement was made today during the 9th annual members meeting held at Sheraton.
This new rate equals sh1.52 trillion shillings. It is above the 10 years average rate of inflation which currently stands at 5.43%. It is one of the most competitive rates in the market this year, Kasaija said.
It is the second year in a row that NSSF declares an unexpected double digit interest despite the economic slowdown occasioned by the COVID-19 pandemic. Last year’s rate was 10.75% for the financial year 2019/2020.
Kasaija, asked the company to ensure Protection of member savings, against effects of inflation in the medium and long term.
“For over six years that I have been Minister of Finance, Planning and Economic Development, charged with overseeing the Fund, the Fund has registered growth every year across its key performance indicators,” Kasaija told members, many of who followed the day’s event online.
“I am aware that this growth is not by accident but has been borne out of a deliberate vision and strategic focus. I would therefore like to applaud the Board and Management for a job well done.”
Agnes Tibayeita Isharaza, the NSSF company Secretary said, they have assurance that the NSSF bill, will be first tracked and be made into law so that they can act.
✳ Year – Interest
2012 ✅10.00%
2013 ✅11.23%
2014 ✅11.50%
2015 ✅13.00%
2016 ✅12.30%
2017 ✅11.23%
2018 ✅ 15%
2019 ✅ 11%
2020 ✅ 10.75%
2021 ✅ 12.15%
