NSSF records Shs 2.53 trillion in revenue in 2023/24  financial year

The National Social Security Fund (NSSF) has recorded Shs 2.53 trillion in revenue, the just released 2023/24  financial year results indicate.

According to the results, the fund’s assets under management (AUM) increased from Shs 18.56 trillion in the financial year 2022/23 to Shs 22.13 trillion in the financial year 2023/24.

They further indicate that the member contributions shot up from Shs 1.72 trillion in financial year 2022/23 to Shs 1.93 trillion in financial year 2023/24.

The fund’s total revenue saw a 15% increase, from Shs 2.2 trillion in financial 2022/23 to Shs 2.53 trillion in financial 2023/24.

“Our cost of administration decreased to 1.00% of total assets, reflecting improved efficiency as we continue to maximize the performance of our assets,” Patrick Ayota, the managing director of NSSF said.

He noted that the compliance rate was maintained at 57%. Benefits paid decreased slightly from Shs1.199 trillion to Shs 1.120 trillion, driven by a reduction in claimants from 48,115 to 44,250. Mid-term benefit payments also dropped from Shs 272.2 billion to Shs 176.6 billion.

“Given the improved performance, I am extremely confident that the Fund will pay a competitive interest rate for the financial year 2023/24 as will be declared by the Minister of Finance, Planning, and  Economic Development at the 12th Annual Members Meeting,” he said.

“The performance puts into focus our duty to ensure the physical security of member savings, to ensure that members’ funds are available as and when they qualify, and to ensure the safety of members’ savings against erosion by inflation,” he said.