Parliament has passed the National Social Security Bill (NSSF) Bill which allows members midterm access to their savings.
The Bill was passed Wednesday evening following months of debate.
Most of the clauses in the Bill were already passed by parliament and what was left were only two clauses that parliament had stood over.
The two clauses relating to the midterm access to NSSF savings before retirement and which ministry between the gender ministry and the finance ministry should be in charge of NSSF.
On the midterm access, the Bill says that a person aged 45 years or one who has saved with NSSF for at least 10 years, can withdraw up to 20% of their savings. There was an argument that parliament didn’t need to set the percentage of the midterm access.
Some legislators had argued that it is better than the determination of what percentage of someone’s savings can be given as midterm access be left to the NSSF board to determine. But these were overruled.
The Bill now is pending the President to assent to it to become law.