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I don’t put my money in real estate: Minister Amongi reveals her preferred investment portfolio

The Minister of Gender, Labor, and Social Development, Betty Amongi, has revealed that she does not put “her money in real estate.”

The Minister was on Tuesday addressing a gathering at the Imperial Royale Hotel in Kampala on the need to enhance social security compliance within the energy, oil, and gas sector when she said, “I put my money in the government bond and now in NSSF.”

“I don’t put my money in real estate. As you are running around looking for tenants, I am getting 15% here and 13% there. I don’t stress because,  under the new law, you can’t evict them. Put your money in NSSF, voluntarily or mandatorily,” the Oyam South Member of Parliament said.

NSSF moves to enhance social security compliance in the oil and gas sector
Sector players given 6 months amnesty to comply

Meanwhile, the National Social Security Fund has established a partnership with the Ministry of energy and mineral development to enhance social security compliance within the energy, oil and gas sector.

The partnership is in line with the Fund’s new strategic approach, which focuses on increasing social security coverage nationwide.

“We are cognizant of the thousands of jobs created and those that will be created in the growing oil and gas sector and therefore believe that this strategic partnership will help us enforce social security compliance within the sector in line with our new strategic approach that targets 50% coverage of Uganda’s working population by 2035.’  Patrick Ayota, NSSF Managing Director, said.

Ayota was speaking at a sensitization workshop for players in the energy, oil, and gas sectors at the Imperial Royale Hotel.
He added that the sector players would be given a grace period of six months to comply with the provisions of the NSSF Act, as amended.

Sections 7 and 13 A of the NSSF Act, as amended, introduced mandatory contributions by all workers regardless of the size of the enterprise or the number of employees, and Section 13A introduced voluntary contributions. 
Hon. Peter A. Lokeris, the state minister for mineral development, pledged his support for the fund by ensuring social protection for workers in the respective sectors.

“We are hereby instructing all companies involved in the oil sector, as investors, contractors, and operators, to put your NSSF books in order. NSSF has granted an amnesty to the sector until February 1st, 2024, to: register, update your staff contributions, and, where you are not compliant, negotiate a convenient payment plan. These steps will help you avoid hefty penalties,” he said.

He added that his ministry would also play its part in increasing financial inclusion by supporting more small businesses to benefit from the oil sector.

Amongi applauded the Fund for creating synergies with strategic stakeholders that will bridge social security compliance gaps.

Over 500 players in the oil and gas sector were tipped on how to fulfill their social security obligations during the workshop.

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