Saving for retirement is crucial for individuals, employers, and the economy as a whole. A higher savings rate leads to increased capital, resulting in higher GDP per capita and accelerated population growth. Unfortunately, Uganda’s savings rate is one of the lowest in East Africa, with many individuals and employers in the formal sector failing to prioritize retirement planning.

  Recently, the Uganda Retirement Benefits Regulatory Authority hosted a webinar on “Retirement Benefits as a Key Element of Social Justice.” The event featured Mr. Douglas Opio, CEO of the Federation of Uganda Employers, as the keynote speaker, and Ms. Lydia Mirembe, Manager of Corporate and Public Affairs – URBRA as the moderator.

“Around the world, the most recognized form of social justice, is the provision of pensions. The International Labour Organisation estimates that globally, 77.5% of people above retirement age receive some form of pension.” Ms. Lydia Mirembe said.

  Social justice can be defined as to the equality of opportunities regardless of the background gender work positions and more. Retirement benefits are a very important aspect of social justice upholding worker’s rights dignity and well-being in their post-working life. The forms of social justice can include; non-discrimination decent work conditions social protection. However, many employees face discrimination, unsafe working conditions, and lack access to retirement benefits.

   Retirement benefits can refer to pension plans provided by employers to employees upon their employment exit and the public sector does not contribute but rather they are defined pension contributors.

  Mr. Opio emphasized that over 17 million Ugandans are uncertain about their future after retirement due to a lack of understanding about retirement savings. He encouraged employers to contribute to securing their employees’ futures, not only to protect their brand but also to participate in the country’s development.

   Douglas Opio added that if people are educated about these retirement benefits schemes, they would have been appreciative and would voluntarily contribute to NSSF. By prioritizing retirement savings and extending coverage to the informal sector, we can work towards a more equitable society where all individuals can enjoy a better life after retirement.

  URBRA is set to introduce reforms that will extend retirement benefit coverage to the informal sector, bridging the poverty gap between formal and informal sector workers in old age. By educating employees and employers about retirement benefits, URBRA aims to increase the number of contributors to financial retirement benefits schemes and promote social justice.