The National Social Security Fund (NSSF) will pay 50 Billion Shillings every week for the first five months to beneficiaries of the midterm access.
This was revealed on Thursday by Betty Amongi, the Minister for Gender, Labor, and Social Development while announcing the guidelines, regulations, and processes of receiving their payments.
According to Amongi, since they expect high numbers of applicants in the first five months, NSSF is adequately prepared to pay 50 billion shillings weekly.
In January, President Museveni assented to the NSSF Bill, allowing 20 percent midterm access to the contributors who have saved for over 10 years and are 45 years old.
The bill also streamlined the supervision of the 15 trillion shilling fund between the Ministries of Gender and Finance. The workers, government, and the Gender committee agreed to have the Ministry of Gender supervise the social security aspect, while the Ministry of Finance will be in charge of the finance and investment aspects.
The bill also provided for voluntary savings and made it mandatory for employers to remit NSSF savings for workers irrespective of the number of employees.
According to Amongi, line ministries led by the Ministry of Gender had to first develop enabling regulations, guidelines, and processes and must be gazetted by March 8, 2022.
For members to access the mid-term payment, they have an option of applying either physically or online and will have to present their valid National Identity Card if they are Ugandans, alien’s identification for foreigners, refugee registration for refugees, and the National Social Security Number.
After an assessment and validation, one chooses their suitable mode of payment either through the bank or mobile money, and the processes will take 45 days maximum.