Uganda’s NSSF Responds to President Museveni’s Advice, Set to Introduce Tailored Savings Package for Ugandans Working Overseas
The National Social Security Fund (NSSF) is planning to create a special savings package for Ugandans living and working overseas.
Minister for Gender, Labour and Social Development Betty Amongi announced this during the 11th annual NSSF members’ meeting at Serena Hotel Kampala, following President Museveni’s directive to support and recognize Ugandans in the diaspora.
“Ugandans abroad will be assisted in saving money under NSSF so that when they return home, they will have their savings,” Amongi said.
In December 2022, Senior Presidential Advisor on Diaspora Affairs Ambassador Abbey Walusimbi informed NSSF top management about this situation during a high-level meeting.
The package will specifically provide comprehensive solutions for the long-term financial challenges, retirement goals, and social security needs of diasporas.
NSSF aims to develop an innovative savings program to address the unique challenges faced by migrant workers and those in the diaspora.
This will ensure that contributions, benefits, and eligibility criteria are accessible, flexible, and fair.
By following the president’s advice, the Fund will offer a reliable opportunity for migrant workers and the diaspora to protect their financial well-being and plan for a secure future.
To achieve this program, NSSF Managing Director Patrick Ayota stated that efforts will involve collaboration with industry experts, financial advisors, and relevant stakeholders.
Ayota added that NSSF is exploring technology-driven solutions to enhance the accessibility and efficiency of the savings package, which may include digital banking platforms, mobile applications, and online contribution systems to cater to the tech-savvy lifestyle of migrant workers and the diaspora.
Stakeholders are optimistic that this will be a positive step towards acknowledging the contributions of Ugandans abroad and promoting their financial security.
Commentators believe that NSSF’s commitment holds promise for migrant workers and the diaspora, as they will soon have access to a comprehensive savings package tailored to their unique financial constraints.
