The National Social Security Fund (NSSF) has today launched a modern building worth shs3.2b in Jinja that will host their offices and part of it rented out.
The three-storied building named Jinja City House, located at the heart of the town has a total built up space of 1500 square meters of which 1200 square meters will be lettable.
It is a mixed use development with commercial facilities, office space and retail shops
It was revealed that NSSF has been investing some of its savings (6%) in real estate projects.
Their other projects include the Mbuya 1 & 2 project valued at 14.9b which will be completed in 2 months, Lubowa housing project that kicked off last September, Mbarara mixed development project that is projected to be completed by end of this year.
Speaking at the launch, the Executive Director NSSF Richard Byarugaba Said the project is a step towards realizing the fund’s real estate strategy, focused on creating value for its members through constructing commercial buildings and housing estates in major towns in Uganda.
“We have invested in a number of projects that are bringing returns to our members. We are contributing to the growth of the economy by providing long term capital for the private sector,” Byarugaba said.
He appealed to the government and Parliament to fasten the bill that will reform the NSSF act so that it can cover more Ugandans.
The speaker of Parliament, Rebecca Kadaga who was the guest of honor praised NSSF for investing and contributing to economic development of major towns especially Jinja town.
The speaker promised NSSF that she will do anything possible to pass the Social Security Bill as soon as it appears in Parliament.
“I am aware that cabinet recently passed a resolution to amend the existing NSSG act to extend social security covered to more Ugandans who are not covered under the existing law. I look forward to receiving this bill and will talk to concerned parties to make sure it is tabled in time,” Kadaga said.
The Chairperson NSSF Board, Patrick Byabakama Kaberenge said the completion of the Jinja City House and the other upcoming real estate projects will go a long way in covering the housing gap in Uganda.
NSSF is currently the biggest pension fund in East Africa in terms of total assets, with an estimate of shs9.498 trillion.
The body invests in three major asset classes, 77% in fixed income, 17% inequities and 6% in real estate.
Currently NSSF pays 11.23% in interests. This figure is above the inflation rates which help to keep money from depreciating.