The National Social Security Fund (NSSF) declared a 11.5% interest rate for its members at the 12th annual general meeting held in Kampala.
The 11.5% rate amounts to about shs2 trillion which will be credited to members accounts with the fund.
Finance Minister Matia Kasaija said the interest rate is above the 10 year average rate of inflation.
The rate announced is higher that 10% interest rate paid last year, which translated to about shs1.591 trillion in total.
NSSF reported a 15% increase in earnings to sh2.53 trillion for the financial year ended June 30, 2024 driven by growth in interest, dividend, and real estate income.
NSSF’s total assets under management grew 19.2% to shs22.13 trillion, exceeding its 2025 target. Member contributions grew 12.2% to shs1.93 trillion.
Before the unveiling at the 12th annual general meeting in Kampala, NSSF managing director Patrick Ayota said, “Given the improved performance, I am confident that the fund will pay a competitive interest rate for the financial year 2023/24 as will be declared by the Minister of Finance,”
NSSF reported a 15% increase in earnings to shs2.53 trillion for the financial year ended June 30, 2024 driven by growth in interest, dividend, and real estate income.
NSSF’s total assets under management grew 19.2% to shs22.13 trillion, exceeding its 2025 target. Member contributions grew 12.2% to shs1.93 trillion.
“Income from all three asset classes we invest in increased this last financial year compared to the previous one. Interest income increased from sh2 trillion to sh2.34 trillion, dividend income from our listed and unlisted equities increased from shs145.1b to shs175b and income from our real estate investments also increased from shs11.9b to shs13.3b,” Ayota said.
