KAMPALA- The National social security Fund (NSSF has introduced a voluntary savings product to increase social security coverage, targeting existing NSSF members, non-NSSF members in the formal sector, the informal sector, and the diaspora.
The new product, code named NSSF Smartlife Savings Plan, follows the publication of the National Social Security Fund (Voluntary Contributions and Benefits) Regulations, 2024, by the Minister of Gender, Labour and Social Development.
While unveiling the product the NSSF Managing Director Patrick says voluntary savings plan will address the needs of the community.
He says the person joining the scheme one is required to contribute a minimum of 5000 shillings
He explained that the introduction of Smartlife Flexi is part of the Fund’s strategy to increase social security coverage to at least 50% of Uganda’s working population by 2025, with a special focus on targeting underserved workers.
“The Fund currently serves only about 2.3 million Ugandans, the majority of whom are in the formal sector. Up to now, the informal sector workers have been left out of the social security and protection yet contribute significantly to the country’s GDP.
