National Social Security Fund (NSSF) has told anxious Ugandans waiting for partial payments to take them through unanticipated coronavirus quarantine, that they have no legal basis to pay them.
NSSF was responding to calls from Col Dr. Kizza Besigye and Hon. Muhammad Nsereko who appealed to them to provide at least 10-20% savings to members to help them survive during this trying time.
To NSSF, they were created to provide a safety net for members in case of old age or sudden death, therefore such disasters are not catered for.
The managing director, Richard Byarugaba also revealed that 80% of the Funds’ assets are invested in Government Treasury Bonds and it will require them to first sell the bonds to raise liquid cash.
Read the letter below: