Expiry of NSSF board term clouds mid-term savings access

Looming contract expiries of members constituting the National Social Security Fund (NSSF) 11th board of directors now stand in the way of effecting mid-term access to savings as endorsed August 4 by President Museveni.

With their contracts finishing August 31, NSSF corporation secretary, Agnes Tibayeita Isharaza has since written to the finance minister, Matia Kasaijja, urging that ‘‘composition of the 12th Board should be determined urgently to enable smooth transition.’’

According to Ms Isharaza, delayed creation of a new board is a significant impediment to enactment of the Bill that pends parliament approval.

‘‘These activities must be concluded within the applicable statutory timelines. More so, it is important that there is a fully constituted board in place to guide the Fund through the operationalization of the changes arising from the NSSF Amendment Bill,’’ she remarked through a July 22 letter seen by Daily Monitor.

Some four of the Fund's two-term serving top influential persons, including the board chairman Patrick Byabakama Kaberenge and government representative Patrick Ocailap, have their contracts running out August 31.

The same date also ceases a two-term stint each- for employers' representative Florence Namata and workers’ front-lady at the Fund’s board, Penninah Tikamwesiga.

Relatedly, Ms Isharaza has challenged government to address the issue of inexpert components of the exiting board- citing recent internal findings.

‘‘Some of the key skills that have been highlighted as missing on the 11th board are in areas of investment and project management, information technology, real estate, risk, accounting and financial management,’’ yet ‘‘the board's oversight is a key determinant in ensuring continued stability at the Fund,’’ she revealed.

Further evaluation on the past Fund boards, she says, agitates for restoration of gender parity whilst appointing the 12th board.

Amidst contract conclusions, ratification and validation of the mid-term access to savings for only those aged 45 upwards and have saved for over 10 years already faces projected delays due to bureaucracies and other legal tendencies.

List of board members and their contract expiry datesList of board members and their contract expiry dates  

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