Members of the National Social Security Fund will receive a lower interest on their contributions for 2016/17 compared to the previous year.

The fund will pay 11.23% on member contributions, lower than the 12.30% for 2015/16. The fund’s managing director, Richard Byarugaba, attributed the lower rate to a challenging economic environment.

Industry sources this website spoke to said it is due to a reduction in yields on government paper and the poor performance of the Nairobi Securities Exchange.

NSSF held its annual general meeting on Thursday in Kampala.