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By Dennis Atwijukire.
What is social security?
This is the protection which society provides for its members, through a series of public measures, against the economic and social distress that otherwise would be caused by the stoppage or substantial reduction of a person’s earnings resulting from sickness, maternity, employment injury, unemployment, invalidity, old age(retirement) and death; the provision of medical care can also be another form of social security.
National Social Security Fund (NSSF) in Uganda (as it is known), is a semi-government organisation (agency) responsible for the collection, safekeeping, responsible investment and distribution of retirement funds (savings) from employees of the private sector in Uganda, who are not covered by the Government Retirement Scheme (Pension) under the Public Service Act and Pensions Act respectively. NSSF is a provident fund which means that employees are paid their benefits as a lump sum or as provided under the NSSF Act, Cap 222. Participation for both employers and employees is compulsory, as well as registration (See Section 7 & 11) of the Act.
In 2010, NSSF had to undergo a restructuring process aimed at making it more efficient, competitive, and responsive to the needs of its members. It aimed to provide a wide range of social security products and be the lead institution for domestic capital formation and deepening the financial sector.
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