By Executive Editor
The Acting Managing Director of the National Social Security Fund – NSSF – Patrick Ayota has praised the outgoing MD, Richard Byarugaba (pictured) for streamlining everything around managing the cost of administration.
While addressing the media in Kampala on Wednesday, Ayota explained that currently, there are initiatives in place to see to it that the Fund attracts new employers. In the past half a year, NSSF attracted 2, 078 new employers.
Asked what it will be like for the Fund to manage costs once the number of employers grows, Ayota said the Fund’s current expenditure per every shilling spent is 1.16%. He adds that the Fund intends to drop the percentage to 1.06% against the global average of 2.6%. Ayota says that in the last Financial Year (2021/2022), NSSF spent Shs 220 billion in expenditure. At the time, the Fund grew by Shs 1.5 trillion.
According to Ayota, there is a cost management strategy and that there is value for every shilling spent.
In all, he credited his predecessor, Byarugaba for putting in place the strategy.