Written by Hajji Hassan Nakabaale, the Director Communications and Public Affairs,URBRA
The current lockdown owing to #Covid19 is a perfect time to reflect on retirement. Many have argued that the time we are spending at home without going to work is similar to what happens during retirement. They contend that just like in lockdown, people in retirement will not be able to access basic services, since they will have no jobs, no money, no friends and movement will be limited.
Nothing could be further from the truth! Life in retirement need not be defined by such misery. The Covid19 pandemic invaded the world unnoticed, and has resulted into uncertainty. Particularly in Uganda, the lockdown that was imposed to control the spread of the virus, has left many people stuck at home with limited access to basics, their livelihoods halted and waiting for handouts from the government and good Samaritans.
While no one saw Covid19 coming, we all know that every passing day we inch closer to our retirement. It is therefore possible to plan for a good post-employment life.
There are several arrangements through which Ugandans of all backgrounds and callings can ably save for retirement. Employers with more than five employees are under statutory obligation to register and contribute on behalf of their employees to the National Social Security Fund (NSSF). Civil servants, the military and employees in local authorities are members of the Public Service Pension schemes by virtue of statutory provisions. Ugandans employed in the informal sector can save with licenced voluntary retirement benefits schemes.