Written By: Rosemary N. Ssenabulya- URBRA Board Member & the Executive Director of Federation of Uganda Employers
Published in the New Vision on 23rd/10/ 2017
Many people usually talk about the pensions for the private sector. What we currently have in the private sector is a provident fund system and not a pension system.
This means that a person who is contributing towards their retirement is paid a lump sum at the time of their retirement so that it is their responsibility to manage the money in a manner that ensures that they will continue to have the same quality of life as long as they live. An example of a provident fund is theNational Social Security Fund (NSSF).
However, we also have a pension system which is run by the Government and it is non-contributory, implying that no deductions are made from the salary of workers in public service…..