NSSF Registers 18% Membership Growth Rate

The National Social Security Fund (NSSF) has registered an 18% growth rate in total membership over the last five years.

According to the Fund’s Managing Director, Mr. Richard Byarugaba, the figure grew from 1.37 million to over 1.63 million as at June 2016.

He says the number of new employers registering their workers with the NSSF grew by 2,887 in the 2015/16 financial year and new members increased from slightly over 106,600 in the 2014/15 financial year to over 119, 000.

The total number of employers currently stands at 23,000.

He adds that the consistent growth both in terms of membership and Fund value is clear testament that it is headed in the right direction.

Byarugaba attributes the upward movement to the Fund’s relationship management business model and improvement in compliance levels which now stands at 78%.