28/09/2019
Dear NSSFug,
A one CPA Herman Karugaba raised a partinent issue on which savings balance actually earns interest. Your response made it clear that the Closing Balance of FY17/18 is the one to earn that interest. The entire year's savings of FY18/19 are not considered. Yet you go ahead and to award a simple interest not compounding. We all know that the average market lending rates have not gone below 21% and the financial institutions are the same borrowing from BOU whom you lend members contributions. It takes a member 15years to actually put up a home or acquire one financed by credit, the kafulu's will say please save more, but the same member has bills rent, healthcare, school fees, transport to deal with. Now I have never found a loan that doesn't earn interest for a full term of 12 months! Meanwhile in the same economy multinationals are posting profits where members savings are invested. Why do we uphold methods or doctrines the ensure that the working population does not graduate from being mere savers but investors in their own country. It is sad that we continue to sell an illusion of financial freedom and a comfortable retirement only to be welcomed with poverty in retirement or monthly stipends (as proposed). Your statistics actually indicate that members outlive The retirement savings with in five years or less so what next. In the Bible Jesus Christ was asked "what his views were about taxes, he asked "Whose head is it on the coin, they replied Ceaser and he said give "Ceaser what belongs Ceaser'. So please NSSFUG we diligently abide by the laws of the land and contribute monthly in addition you request members to report their non compliant employer's who were actually kind enough to employ them, I don't know what happens when they loose their employment does NSSFug employ them.
While multinationals and big companies rake up fat cheques on bonuses for posting profits, the ordinary member is told the economy was bad thus his savings remain malnourished till retirement. just so you know it your dear members working for these institutions from which the salary never grow's but they make profits in the same economy "Salary is actually a bribe given to us to give up on our ambition's and dreams" because you have ensured on making us rats in the race
As our education system has made sure that the economic theories that worked in post world war era still make relevance today, I know you will pull out the law and the sections but what good is a law that enslaves it's hard working population stunting it's population.
As I conclude let's not be the generation that denied the working population an opportunity to become investors in their own country. Let's sit down and revise the laws to the benefit of members and not to fulfill the intentions of our slave masters confining us to a rat race.
To members these are our coins, we are rightly denied
