Last week, the State Minister of Labour, Hon. Mwesigwa Rukutana moved the 10th parliament to consider two pending clauses of the National Social Security Fund -NSSF (Amendment) Bill.
These relate to the midterm access to NSSF savings before retirement and in which Ministry of Gender, Labour and Social Development and Ministry of Finance, Planning and Economic Development should be in charge of the operations of the National Social Security Fund (NSSF).
The Committee report that had been presented to Parliament proposed that mid-term access provides for additional benefits and relief to members of the Fund before they reach the age prescribed by the law.
The report states that, “a person with a disability who lacks gainful employment or fails to generate income and unable to make contributions to the Fund for not less than one year should access up to 75% of their contributions upon application.”
The Members of Parliament passed clause 10 of the proposed bill that grants midterm access of members to their savings where-by if anyone has saved with the institution for 10 years or someone has clocked 45 years will be allowed to access 20% of their savings not as it was before.
Parliament also omitted clause 13 of the bill that was to provide a leeway for the mandatory borrowing of money from the fund by the government.
This bill awaits the Presidential approval to become law to improve the welfare of workers in the country.