Social Security
Mandatory NSSF Membership
- All employers in the private sector are required to remit social security contributions for their employees, regardless of the size of the business.
- Employees must be aged 16 to 55 years, not covered under the Government Pension Scheme, but registered as members of NSSF.
- Employers are legally obligated to:
- Deduct 5% of the employee’s gross monthly salary, and
- Contribute an additional 10% from the employer, making a total monthly contribution of 15% per employee, which must be remitted to NSSF by the 15th day of the following month.
NSSF provides social security protection by helping workers save for retirement and access benefits such as age, invalidity, and survivors’ benefits.
Smartlife Flexi
- Available to everyone over 16, including Ugandans at home and abroad (with a National ID), non-citizens working in Uganda (with a valid passport), and refugees with valid identification.
- The minimum deposit is UGX 5,000, with no maximum limit.
- Members can sign up via the NSSFGo Mobile or web app or any NSSF branch.
- Contributions can be made through MTN MoMo, with Visa or MasterCard, Agency Banking, and Stanbic Flexipay coming soon.
- Mid-term payments from the Mandatory Fund or Voluntary Retirement Account can be transferred into the Smartlife account.
- Members have the option to withdraw funds at any time after the initial lock period.
- Withdrawals are locked for the first 12 months, during which daily returns are credited monthly.
- After 12 months, members can withdraw freely.
- There’s no minimum or maximum saving period—members can exit at any time post the first 12 months with no penalties.
- Members have access to a digital goal-based wallet with tools to track progress and achieve savings goals.
- Future offerings may include access to a network of service providers, beginning with insurance options.
- Sign-up, deposits, and withdrawals are all seamless.