Wednesday, November 20, 2019
MPs Demand NSSF to Lower Beneficiaries' Age

The NSSF amendment bill is among the long-awaited workers which have generated a heated debate after many of the workers demanding particular clauses to be amended.

The bill before the finance committee has got many provision which includes an amendment on the clause which guides the time savers are supposed to get their savings.

As parliament is in its advanced stage of debating the NSSF amendment bill, a cross-section of the legislators have supported the proposal of giving people saving money before the 60 years which has been the condition in the current law.

The legislators argue that the 60 years is such an unfair period where one cannot fully plan for this money where the money ends up wasted.

Hoima Municipality MP Dr Lawrence Bategeka has supported the proposal saying giving out money at the age 40 will give savers time to plan according to the necessities of the economy. Bategeka adds that by lowering the age this is to give savers enough opportunities to invest in the economy.

Batekegeka mentions of the various activities where one can invest his saving to earn early.

The move has also been supported by Bungokho south MP  Sizomu Wambedde says the time must be lowered because of the life expectancy which continues to lower down.

Isingiro South MP Alex Byarugaba has also supported the bill saying people prefer to retire at an early age to start a second life. Byarugaba has also supported NSSF to be privatized to enable another competitor to come on the market to give the tie to saver to plan accordingly.

Byarugaba has also supported the amendment which calls for an alternative scheme which will work alongside the existing NSSF.

 

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