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Uganda: NSSF Moves to Tap Into Informal Sector

14.06.2017

 | Source:  The Monitor; All Africa

The Ugandan national pension fund (NSSF) has launched a Voluntary Membership Plan to allow workers not under the mandatory scheme, especially the informal economic agents, to save for their retirement.

The informal sector in Uganda has been documented to employ millions of individuals most of whom lack formal social security.

This has seen many Ugandans retire into poverty despite the fact that they were in employment.

In an effort to bridge the social security outreach gap in the informal sector, the National Social Security Fund (NSSF) has launched a Voluntary Membership Plan that will provide employers and workers that are not compelled by the mandatory provisions of the NSSF Act the opportunity to voluntarily save for their retirement.

NSSF managing director Richard Byarugaba said the Fund is responding to a need for a voluntary savings option as well as enhancing the Fund's growth strategy in terms of membership and contributions.

"The NSSF Voluntary Membership Plan will enable employers and members not covered by the mandatory provisions of the NSSF Act to voluntarily save with the Fund, Previously contributing members in gainful self-employment an opportunity to continue saving with the Fund, Contribute to the Fund's growth strategy in terms of membership and contributions," he said. Read more on All Africa.

Source: All Africa