The National Social Security Fund (NSSF) has held the Annual Members Meeting (AMM), aimed at upholding transparency and accountability towards its members, stakeholders and the public.
The meeting occurred at Serena Hotel in Kampala on Tuesday, September 26, 2023.
Peter Kimbowa, Chairman Board of Directors, on behalf of NSSF Board of Directors, welcomed all members present at the AMM, and presented the Fund’s financial statement in summary.
“I would like to register our appreciation to the Managing Director and your management team, and indeed all NSSF staff for keeping a laser focus on the key performance indicators (KPIs) despite the challenging times, especially in the second half of the last Financial Year. Across the board, the Fund became more efficient,” Kimbowa said.
He noted that, Assets under Management (AUM) increased by 7.5% from UGX 17.26 trillion in the financial year 2021/22 to UGX 18.56 trillion in Financial Year 2023/24.
Kimbowa added that, member contributions increased by 15.4% from UGX 1.49 trillion in Financial Year 2021/22 to UGX 1.72 trillion in Financial Year 2022/23, and Total Realized Income earned increased by 15% from UGX 1.9 trillion in the Financial Year 2022/22 to UGX 2.2 trillion in the Financial Year 2022/23.
He further noted that, benefits paid to qualifying members increased by 1% from UGX 1.189 trillion in the Financial Year 2021/22 to UGX 1.199 trillion in the Financial Year 2022/23, adding that, the cost-to-income ratio improved from 11.7% in the Financial Year 2021/22 to 9.4% in the Financial Year 2022/23.
He said that, cost of administration reduced from 1.18% of total assets to 1.02%.
According to John Muwanga, the Auditor General, the statement cash flows for the year ended and notes contained in the summary of significant accounting policies and in other extra information of the financial statements are a true reflection of the position of NSSF as of June 30, 2023, and its financial performance.
“I have looked at the financial statements of NSSF, in my opinion, the accompanying financial statements give a true and fair view of the fund and its financial performance. Its cash flows for the year ended in accordance with international financial reporting standards and requirements of Uganda retirement benefits regulatory performance for NSSF,” Muwanga said.
The NSSF (Amendment) Act 2022 seeks to expand social security coverage, enhance the spectrum of benefits available to savers, and improve the governance of the Fund. All employers, irrespective of the number of staff they employ, must make mandatory NSSF contributions for their staff members.
