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@kfm Tue, 26 Sep 2023 08:00:12

NSSF declares 10% interest payment to savers

By Monitor Team The Minister of Finance, Matia Kasaija Tuesday declared a 10 percent interest rate for National Social Security (NSSF) members for the 2022/2023 financial year, arguing that this is consistent with the Fund’s commitment made in 2013 to pay savers a real annual return, that is, at least 2 percentage points above the 10-year rate of inflation. According to the minister, the new rate which is equivalent to Shs1.591 billion in total, will be calculated and credited to the balance outstanding on the members’ accounts as of July 1, 2022. “Last financial year, the 10-year average rate of inflation was 4.2 percent. The rate I have just declared is 5.8 percent above the 10-year average, which means that […]

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