Despite Controversies over Temangalo Land, National Social Security Fund has hit asset base of UGX 26 trillion as per June 2025 Financial Performance Report has indicating significant milestone as the Fund clocks 40-years.
According to the fund officials the sustained growth in assets has been driven by consistent member contributions, prudent investment management and the long-term accumulation of savings.
Over the years, annual contributions have increased steadily, reaching approximately Shs2.1 trillion in 2025.
Member contributions remain the primary driver of NSSF’s growth with eEmployers contributing 10% of an employee’s salary, while employees contribute 5%, resulting in a combined contribution of 15% for eligible workers.
By June 2025, accumulated members’ funds had reached Shs25.5 trillion, equivalent to about 98% of NSSF’s total assets. The close alignment between members’ funds and total assets points to a conservative financial structure, with the Fund largely financed by members’ savings rather than external borrowing.
NSSF’s total assets have grown at a compound annual rate of 18%, with growth becoming particularly pronounced after 2010 as the effects of compounding accelerated the Fund’s expansion.
NSSF’s asset base comprises the financial and economic resources available to meet its present and future obligations to members and beneficiaries. These include cash and cash equivalents, fixed-income investments, equities, real estate and investment properties, alternative investments, receivables, property, plant and equipment, as well as intangible assets.
The increase in contributions reflects the expansion of the Fund’s membership base and improvements in employer compliance with social security obligations. Stronger contribution collections provide NSSF with additional resources to invest and generate returns for members.
According to the report NSSF has also maintained a strong level of operational efficiency. Its administrative costs have remained below 1%, compared with an industry average of about 2.2%, indicating that only a relatively small proportion of income is absorbed by administration.
Operating expenses rose to about Shs230 billion in 2025, but the increase remained significantly lower than the growth in operating income. The widening gap between income and expenses points to economies of scale and continued discipline in managing the Fund’s operations.
The National Social Security Fund (NSSF) Uganda is a multi-trillion Fund mandated by the Government through the NSSF Act, as amended, to provide social security services to all eligible employees in Uganda.
The Fund is a contributory scheme and is funded by contributions from employees and employers of 5% and 10% respectively of the employee’s gross monthly wage. The Fund is regulated by the Uganda Retirement Benefits Regulatory Authority, while the Minister of Gender, Labour & Social Development, and the Minister of Finance, Planning & Economic Development are responsible for policy oversight.
The Fund manages assets worth over UGX 25 trillion, invested in Fixed Income, Equities, and Real Estate assets within the East Africa region.
The National Social Security Fund (NSSF) Uganda is currently executing its 10-year strategic roadmap known as Vision 2035, following the successful conclusion of Vision 2025.
The new strategic plan, led by Managing Director Patrick Ayota, is built around three primary numerical targets (the 50-50-95 metrics):
To expand social security coverage to reach 50% of Uganda’s active workforce (representing over 15 million people) by bringing in workers from the informal and agricultural sectors.
Secondly to grow the Fund’s Asset Under Management to UGX 50 trillion by 2035 by diversifying investments and mobilizing long-term domestic capital.
Thirdly to achieve a 95% stakeholder satisfaction and engagement rate for both customers and staff
