In a move to address the financial needs of migrant workers and people in the Diaspora, the National Social Security Fund (NSSF) has announced plans to design a special savings package.
This initiative was announced by the Gender, Labour & Social Development Minister, Hon. Betty Amongi, during the 11th Annual Members’ Meeting in Kampala.
It comes against the backdrop of His Excellency President Yoweri Kaguta Museveni’s advice, highlighting the importance of supporting this marginalized group. The piece of advice was conveyed during a high-level engagement with NSSF top management, where the President was represented by the Senior Presidential Advisor on Diaspora Affairs, Ambassador Abbey Walusimbi, in December 2022.
The NSSF, a leading social security institution in the country, aims to create an innovative savings program tailored, specifically, to the unique circumstances facing migrant workers and those living abroad. The package will offer comprehensive solutions to address their long-term financial goals, retirement planning, and social security needs, among others.
Acknowledging the significant contributions, made by migrant workers, and the Diaspora in supporting the country’s economy, the President called upon NSSF to develop a framework that caters to their specific requirements. This includes ensuring accessibility, flexibility, and fair treatment in terms of contributions, benefits, and eligibility criteria.
By embracing the President’s advice, NSSF Managing Director, Mr. Patrick Michael Ayota, says the institution aims to strengthen its commitment to inclusivity and social protection for all citizens, regardless of their geographic location. Hence, the savings package will provide a reliable avenue for migrant workers, and the Diaspora to safeguard their financial well-being and plan for a secure future.
The NSSF’s efforts to design this targeted savings program will involve collaboration with industry experts, financial advisors, and relevant stakeholders. Through this, comprehensive approach, the fund intends to address the unique challenges facing migrant workers, and individuals in the Diaspora, such as fluctuating income, limited access to banking services, and the need for streamlined contributions and withdrawals.
Furthermore, NSSF is also exploring technology-driven solutions to enhance the accessibility, and efficiency of the savings package. This may include digital banking platforms, mobile applications, and online contribution systems to cater to the tech-savvy lifestyle of migrant workers, plus those in the Diaspora.
NSSF’s announcement has been met with support, and optimism from both the public & and various organizations, advocating for the rights and welfare of migrant workers. They see this, as a positive step toward recognizing the contributions made by this influential group and promoting their financial security.
As NSSF progresses with the development of the savings package, it’s expected to consult widely and solicit feedback from relevant stakeholders. This collaborative approach will ensure that the program caters to the diverse needs, and aspirations of migrant workers, and the Diaspora.
Ultimately, the future looks promising for migrant workers, and those in the Diaspora, as they will soon have access to a comprehensive savings package, tailored to their unique circumstances.
This move, not only, highlights the country’s commitment to inclusive social protection, but also underscores the importance of recognizing and supporting all citizens, regardless of their geographic location.