Jackpot for Workers: NSSF Declares Record Shs2.8 Trillion Payout

Ugandan workers are set for a historic windfall as NSSF announces a record Shs2.8 trillion interest payout, the biggest in the Fund’s history

Savers under the National Social Security Fund (NSSF) are set to receive a historic windfall of Shs2.79 trillion, following the declaration of a 13.5% interest rate on their contributions.

This payout, the largest in the Fund’s history, will be credited to members’ accounts in line with Section 36 (1) of the NSSF Act. The interest is calculated on the balances held in each member’s account.

For over a decade, NSSF has consistently paid returns at least 2% higher than the 10-year average inflation rate, ensuring that workers’ savings not only retain their value but also grow.

The announcement was made during the Fund’s 13th Annual Members’ Meeting held in Kampala, where Finance Minister Matia Kasaija praised NSSF for strengthening its financial base.

“The Fund’s assets under management rose by 17.5%, from Shs22.13 trillion in 2023/24 to Shs26 trillion in 2024/25. Against this, member obligations stand at Shs25.6 trillion, which the Fund is well positioned to meet,” Kasaija stated.

Presenting the Fund’s performance, NSSF Managing Director Patrick Ayota reported an 11% rise in earnings, with total revenue increasing from Shs3.2 trillion in 2023/24 to Shs3.52 trillion in 2024/25.

Gender, Labour, and Social Development Minister Betty Amongi applauded the Fund for expanding social security to new groups, especially through its voluntary savings product, Smartlife Flexi, launched last year after her approval of the NSSF (Voluntary Contributions and Benefits) Regulations 2024.

“In less than a year, Smartlife Flexi has attracted contributions worth Shs27 billion, enrolling over 40,000 people from both the formal and informal sectors,” Amongi noted, urging the Fund to further scale up outreach to informal workers.

NSSF Board Chairperson Dr. David Ogong reaffirmed the Fund’s commitment to long-term growth under its Vision 2035 strategy, which seeks to grow assets to Shs50 trillion, extend coverage to half of Uganda’s working population, and achieve 95% customer satisfaction.