Parliament Wednesday considered and passed the National Social Security Fund (Amendment) Bill, 2019 ( with amendments) at 3rd reading.
The Bill now moves for presidential assent before it becomes a law.
The bill aims to provide for midterm access to voluntary contributions, empower board to introduce new benefits in consultation with the minister and provide for the deference of taxes on contributions & scheme income to the time of payment of benefits.
The policy behind the Bill is to expand Social Security coverage by making contributions to the National Social Security Fund mandatory
for all workers in the formal sector and also allowing workers in the formal and informal sectors to make voluntary contributions
to the National Social Security Fund.
In addition, the Bill seeks to enhance the spectrum of benefits available to workers and to improve management of the National Social Security Fund.