Excellent Performance
Despite tough economic times, NSSF's balance sheet has grown by 76% to from UGX2.1 trillion in 2010/11 to as of November 2012. The fund's assets are invested in fixed income (UGX2.7 trillion or 81%), Equities (UGX391 Billion or 13%) and Real estate (UGX175 billion or 6%). Mr Byarugaba attributed the strong growth to NSSF's good relationship management which has seen compliance improve from 63% to 73% over the last two years. Monthly contributions are up by 71% from UGX 24.5bn to UGX 42.0 bn in the same period, while, member balances have also grown by 70% from UGX 1.7 bn to UGX 2.9bn. Overall, the Fund is growing by UGX 50bn a month. As a result of prudent investments and cost management, realized income has grown by 86% from UGX 158bn (2010/11) to UGX 294 billion (2012/13) while average monthly interest income is up by 112% from UGX 11.1 to UGX23.6bn. Rental and Dividend income is up by 11% and 36% respectively.
Overall costs reduced by 11 percent and as a result, cost income ratio has improved from 37% to 18%. Benefits paid to members are up by 60% from UGX 64 Billion to UGX 102 Billion while interest paid to members went up by 126% from UGX 89 billion to UGX 202 Billion. This was mainly as a result of a 10 percent interest paid at end of 2011/2012 financial year. Turnaround time for processing and paying benefits also improved by 60% from 50 to 20 days. A New Dawn Byarugaba said that even though the fund has witnessed several milestones over the last 24 months, this would be a foundation for a solid relationship between NSSF and its stakeholders and the new identity would serve as a visible symbol of this commitment.
"Whereas you cannot touch our hearts to feel this renewed commitment, this new logo represents that commitment. What we are promising our stakeholders especially our members, is that wherever you see this sign (our logo) you can expect, nothing less than quality products, great customer service, competitive returns in a transparent and efficient environment," he said.
Read more about this topic: National Social Security Fund (Uganda)
Famous quotes related to excellent performance:
“A man of great employments and excellent performance used to assure me that he did not think a man worth anything until he was sixty; although this smacks a little of the resolution of a certain ‘Young Men’s Republican Club,’ that all men should be held eligible who are under seventy.”
—Ralph Waldo Emerson (1803–1882)