The National Social Security Fund (NSSF) “Friends with Benefits” has recorded a positive response, with over 360 beneficiaries’ entries so far received, the NSSF Head of Marketing & Communications, Barbra Teddy Arimi, has said.
The retirees “Friends with Benefits” campaign, which is aimed at inculcating a savings culture among Ugandans, was launched in May.
Friends with Benefits is also aimed at showcasing inspirational success stories from members who have received and used their benefits to change their lives, those of their families and even the communities they live in so as to motivate existing and potential members to invest in retirement savings.
“We have received over 360 entries from members who have made tremendous investments with their retirement benefits received from the Fund. We are certain their stories will inspire millions of Ugandans who are either saving with NSSF or are yet to start saving with NSSF to register with the Fund in order to ensure a better life,” Arimi said.
She added that the submission for entries closed on Thursday, June 30th, 2016. She said that entries that have been received touch on all the six benefits offered by the Fund; Age Benefit, Survivors Benefit, Withdrawal Benefit, Exempted Employment, Emigration Grant and Invalidity Benefit.
“Some of the stories are really touching, others are inspirational while others show that it doesn’t matter how much one earns; everybody can make a difference irrespective of their income,” she said.
The four-month campaign will run as a TV show programme profiling retired workers who invested or used their NSSF benefits to transform their lives, and those of the communities around them.
“The campaign will spur national conversations about the need for every single Ugandan, regardless of their background or salary level, to save and invest for a better life hence cultivating a savings and investment culture among Ugandans,” Arimi added.
Arimi echoed that the Fund has also improved the time it takes to pay benefits from a high of 120 days five years ago to an average of 8 days this year, with a target to pay within five days, and even less for the age benefit.
According to the current figures from the Fund, 97 per cent of benefits are paid to living members and not their next of kin.
The best story among the best 20 submissions will earn the beneficiary Shs30 million at a grand finale in November. NSSF, which now has total assets of Shs6.46trillion, has a total membership of about 1.6 million contributors.