By Charles Katabalwa
27th May 2022
The Uganda Retirement Benefits Regulatory Authority (URBRA) says that it has started on a process of drafting a policy that will guide on how beneficiaries of the scheme are given money in bits rather than lump sum for better management of their money for a long period of time.
URBRA is responsible for regulating the management and operation of retirement benefits schemes in both the private and public sectors.
Officials at URBRA are concerned that some institutions give money to the beneficiaries in lump sum and that they end up using it all in the first three years and become poorer for the rest of their life which he says is creating a burden to the country.
Martin Anthony Nsubuga, the chief executive officer at URBRA explains that his authority is formulating mechanisms that will see beneficiaries manage their savings in a better way.
He has been speaking to the media at URBRA office in Kampala ahead of the 10th anniversary since the creation of the authority in 2012.
Nsubuga notes that even when there has been significant improvement in the number of savers joining different schemes, the culture of saving for the future is still low.
Nsubuga is happy that URBRA has registered a success growth from 4 trillion shillings in 2012 to 19 trillion 2022.
Next:
Previous:
