NSSF annual revenue up 15%, members’ meeting set for next week

The Minister of Finance Planning and Economic Development will on Tuesday next week announce the interest rate for the National Social Security Fund members for the financial year ending June 30, 2023.

On Sept.20, NSSF executives led by Patrick Ayota, the Managing Director told journalists that the Fund’s revenue increased by 15% from Shs1.9 trillion to Shs2.2 trillion for the Financial Year ended June 30, 2023, signaling good performance during the period.

Ayota attributed the growth to increased earnings from interest income from Shs1.79 trillion to Shs2 trillion and dividend income which grew from Shs84 billion to Shs139 trillion.

Income from the Fund’s real estate projects also slightly increased from Shs13.4 billion to Shs14 billion and Shs16 billion in other income.

“Overall, the investment environment in Uganda and the region was challenging over the last Financial Year. However, the Fund was able to increase its revenue owing to strategic asset allocation that enabled us to remain profitable, despite a generally depressed market,” he said.

“For us to post a 15% increase in revenue shows our resilience and an astute investment risk balance,” Ayota added.