{"id":42739,"date":"2023-01-08T16:06:51","date_gmt":"2023-01-08T16:06:51","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/all-news\/nssf-must-carry-out-an-immediate-overhaul"},"modified":"2023-01-08T16:52:11","modified_gmt":"2023-01-08T16:52:11","slug":"nssf-must-carry-out-an-immediate-overhaul","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/nssf-must-carry-out-an-immediate-overhaul","title":{"rendered":"NSSF must carry out an immediate overhaul"},"content":{"rendered":"

Africa-Press – Uganda. <\/strong><\/span>The news mill today is dominated by events at the National Social Security Fund (NSSF). First, it was the refusal to renew the contract of Mr Richard Byarugaba as managing director.<\/p>\n

Thereafter, there is talk of an investigation into his time at the helm of the quasi-government agency responsible for the collection, safekeeping, responsible investment, and distribution of retirement funds from employees of the private sector in Uganda who are not covered by the Government Retirement Scheme.<\/p>\n

The NSSF Board has recommended that the Inspectorate of Government office takes over investigations into alleged abuse of office, corruption and mismanagement of NSSF funds by Mr Byarugaba.<\/p>\n

There is no timeline on when the findings will be out but if history is to guide us to draw early conclusions, they will not be good. Overall, the Fund remains under the firm grip of the politics of the day and that has always hindered its development. Most of the previous managing directors have left under a cloud of controversy.<\/p>\n

You can predict that the next Fund manager in case Mr Byarugaba\u2019s tenure is not extended will end up soiled. It\u2019s almost unfair on the reputations of many of those appointed to the position who join with good careers in the corporate world.<\/p>\n

The job in itself is extremely attractive since NSSF is the largest pension fund in the countries of the East African Community, with assets worth shs 17 trillion.<\/p>\n

Working there as MD epitomizes climbing to the top of the corporate ladder. Once there, there aren\u2019t many layers to pursue so the only way is down.<\/p>\n

Lessening the political influence where the Minister of Gender, Labour and Social Development is the alpha and omega of managing the Fund has to be a start.<\/p>\n

Even the amended law doesn\u2019t go far enough to enhance the Fund\u2019s independence from external influence. Without liberalization of the pension sector, members aren\u2019t part of the Fund out of choice but rather under duress.<\/p>\n

Can you imagine a situation that allows workers to choose where they belong? Would they pick NSSF as the organisation of choice to save their money with all the controversies that surround it?<\/p>\n

Pension fund management is a lucrative business in the world and some of these are the richest investment consortiums anywhere. Workers are bound to weigh their options and go for those where they earn a bigger interest or access to loan facilities for personal growth.<\/p>\n

While NSSF offers some of these, there is also the issue of the government borrowing from the workers\u2019 coffers to meet its expenditure. This can lead to a general crisis of confidence.<\/p>\n

For More News And Analysis About Uganda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The news mill today is dominated by events at the National Social Security Fund (NSSF). First, it was the refusal to renew the contract of Mr Richard Byarugaba as managing director. Thereafter, there is talk of an investigation into his time at the helm of the quasi-government agency responsible for the collection, […]<\/p>\n","protected":false},"author":84,"featured_media":42738,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[233,240,234],"class_list":["post-42739","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nNSSF must carry out an immediate overhaul - Uganda<\/title>\n<meta name=\"description\" content=\"The news mill today is dominated by events at the National Social Security Fund (NSSF). 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