Workers in Uganda under the umbrella National Organisation of Trade Unions (NOTU) have expressed appreciation to President Yoweri Kaguta Museveni for initiative to pay National Social Security Fund (NSSF) members’ interest rate of 22.53 percent this year.

They said the President was instrumental in ensuring reforms in NSSF were fast track which focused on expanding social security access, improving corporate governance and shifting public pensions toward a contributory model.

National Organisation of Trade Unions (NOTU) Secretary General Mr Richard Bigirwa told the Workers Eye Magazine in an exclusive interview that plans to reform NSSF were initially mooted progressively by President Yoweri Kaguta Museveni.

He said government under the guidance of President Museveni made several consultations with workers through trade union leaders and employers under the tripartite family, on various plans to reform social security.

“ We started plans for realistic reforms  on NSSF with institutional framework by constituting the board with workers, employers and government represented on the board of directors with clear terms,” he said..

Mr Bigirwa said one of the earlier biggest impediment President Museveni identified with big concern was absence of workers’ representation on the NSSF Board of Directors. “One time the President asked stakeholders that how can. they hold and manage workers’ money without the owners of the money being part of its management”, said Mr Bigirwa.

He said: “The NSSF Amendment Act (2022) was a success as it introduced an inclusive “stakeholder board” model that gave balanced representation to government, workers, employers, and management, alongside provisions for mid – term access for qualifying members”.

But there is also the Public Service Pension Fund Act (2025) that reformed the civil service pension framework from a non – contributory budget – driven model to a contributory scheme where employees contribute 5 percent and the government contributes 10 percent.

The Informal Sector was not left behind as NSSF expanded voluntary registration threshold and mobile – based contribution systems to onboard informal workers, farmers and small enterprises, among others.

Mr Bigirwa noted the announcement of September 24, 2026 at NSSF Annual members’ meeting that set interest rate of 22.53 percent, is widely seen by workers as this year’s gift.

Workers were all smiles as they received sms messages on their mobile phones reflecting the latest interest rate announced. Social media platforms especially whatsapp were awash with messages of appreciation from happy workers and trade unionists with many saying the money came at the right time when they badly needed it.

NSSF members’ phone sms messages reflected their latest interest rate of 22.53 percent for the financial year . This means Ushs 5.44 trillion has been credited on members’ accounts which is the highest rate and amount ever to be paid out by the Fund.

National Organisation of Trade Unions (NOTU) Executive Board member Mr Julius Bahemuka said this year’s interest rate of 22.53 percent paid out to NSSF members is a windfall, big motivator and real capital for workers to make realistic investments from saving for old age.

Busia District Workers Councillor and trade unionist Mr Innocent Okumu Muliro said the afflictions of the workers who endured Covid – 19 with adverse effects can now smile with the new interest rate as springboard of their savings for future investments.

He said: ” The workers’ fortune would be put to waste if they fail to invest their savings in meaningful ventures moreover at old age when they have become unproductive.”

The previous financial year had 13.5 percent interest rate paid out to the savers with about Ushs 2.5 trillion earmarked for members.

NSSF has grown its assets with a remarkable increase from about Ushs 26 trillion to now Ushs32 trillion while annual revenue rose by 86 percent to a record Ushs 6.51 trillion. The members’ contributions increased by 13 percent registering Ushs 3.4 trillion as the Fund paid out to qualifying members over Ushs1.5 trillion..