Mr Joel Egwal speaking at a workshop aimed at educating members of the informal sector on the benefits of saving for retirement held in Lira District last week. Courtesy photo
Uganda Retirement Benefits Regulatory Authority (URBRA) has called for the formation of informal sector pension plans for majority of Ugandans.
URBRA chief executive officer David Nyakundi Bonyi made the call last week in Lira District while speaking to members of the Private Sector Foundation Uganda (PSFU) in a workshop aimed at educating members of the informal sector on the benefits of saving for retirement.
Mr Nyakundi said that about 95 per cent of the 63 informal plans in the country operate in Kampala.
He called for the formation of regional schemes to support those living and working out of the city.
Available statistics indicate that a large number of working Ugandans retire at the age of 60 and live for more than 20 years thereafter; making a case for managing old age poverty.