Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

NSSF starts process to amend the law to allow savers access house loans

Matooke Republic by Matooke Republic
May 13, 2022
in Business
Reading Time: 2 mins read
????????????????????????????????????

????????????????????????????????????

Share on FacebookShare on Twitter

The National Social Security Fund (NSSF) has embarked on consultations to amend the NSSF Act to allow a portion of a member’s benefits to be utilized as collateral to access a mortgage or loan to acquire a residential house.

According to NSSF Managing Director, Richard Byarugaba, the Fund is in receipt of the Uganda Retirement Benefits Authority (Assignment of Retirement Benefits for Mortgages and Loans) Regulations, 2022 issued by the Minister of Finance, Planning and Economic Development.

“We have always supported reforms to laws governing retirement benefit schemes in Uganda. Specifically, a law that allows for a portion of a member’s benefits to be utilized as collateral to access a mortgage or loan to acquire a residential house.

RelatedPosts

UK-Uganda Trade and Investment Convention launched

UTB, City Authority to develop tourism in Jinja City

This position is further informed by feedback obtained from our members during various post-retirement surveys, which show that over 68% of fund beneficiaries spend their retirement money on land acquisition, home improvement, and construction,” he said.

However, the NSSF Act currently provides for full protection to members’ contributions and benefits and prohibits any charging or assignment of the same to a third party.

This constrains the Fund from immediately implementing the recently issued regulations.

In this regard, NSSF commenced consultations with key stakeholders including the Fund’s supervising Ministry with a view to amending the offending clauses in the NSSF Act.

Tags: NSSF
Previous Post

Health minister Aceng summoned over sacked COVID-19 personnel

Next Post

OMORO BY-ELECTION: Four nominated on first day

Related Posts

UK-Uganda Trade and Investment Convention launched

3 days ago
UTB Board of Directors, Managers and Staff meeting with Jinja City council Authority at the Jinja City hall chamber, Eastern Uganda.

UTB, City Authority to develop tourism in Jinja City

4 days ago
Next Post

OMORO BY-ELECTION: Four nominated on first day

JUST IN

Lawyer Fred Muwema

Judge orders Muwema to pay costs for ill-advising his client Bitature as businessman’s application seeking protection from prosecution over loan is dismissed

May 24, 2022

Katikkiro Mayiga calls upon artists to handle themselves with respect

INTERVIEW: Meet 23-year-old female electrician who earns a living climbing poles to fix connections

Kiruddu Hospital performs successful plastic surgery on baby

Besigye beats security, makes his way to city centre

Museveni should not preach ‘okukekereza’ when he spends Shs1.8b per day, says FDC

Speaker Among to host senior Green Ambassadors at Climate Change Breakfast Workshop

POPULAR

  • SEXUAL HARRASSMENT ON STAGE: Karole Kasita vows to stick by her ‘Kwetega’ semi-nude dressing

    0 shares
    Share 0 Tweet 0
  • Billionaire James Mugoya Isabirye, the Buddonian that has an entire estate in Kenya named after him

    0 shares
    Share 0 Tweet 0
  • Moment Of Madness! ‘Couple’ enjoy a quickie by the roadside

    0 shares
    Share 0 Tweet 0
  • Sheebah grants Matooke Republic exclusive access inside her house. Here are photos from the sitting room to bedroom

    14 shares
    Share 14 Tweet 0
  • TRENDING: Ugandans react to viral video of a ‘couple’ in Kisoro having a quickie by the roadside

    0 shares
    Share 0 Tweet 0

JOBS

Hot Right Now

Spice Diana confesses enjoying a quickie in a car

NSSF starts process to amend the law to allow savers access house loans

Pastor disappears with his followers

Matooke Republic

© Matooke Republic 2022

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2022