The Uganda Retirement Benefits Regulatory Authority (URBRA) has urged employers in the private sector to always mobilise, sensitise, engage and encourage their workers to save money as they prepare to drift to retirement.
Mr Julius Bigirwa Junjura, the URBRA Board Chairman, says it is partially counted on employers if their former workers live in pauperism as a result of not being engaged and illuminated about life after employment.
He says it is common that many people languish in poverty after retirement because they were not and did not prepare for that post-employment life.
The chairman advocates for quick rallying and awareness so that workers can start saving early for an expedient retirement.
Audio: Junjura on saving for retirement (English)
Mr Benanto O’ola, the deputy town clerk Hoima city, is concerned that workers delay saving for their retirement period that results in financial hardships when the clock ticks and age forces them to return home.
He urges all relevant authorities to advocate for the cause and rally workers into saving schemes in preparation for retirement.
Audio: O’ola on saving for retirement (English)
Mr Albert Bituura, the General Manager at Bwendero Sugar Factory in Dwoli village, Kitoba sub-county in Hoima district, says there is an imperative need to teach people and to engage them more to develop and promote a saving culture stressing that dissaving has a bad bearing on one’s future life when they retire.
Through the Bwendero Dairy Farm Staff Saving and Credit Society Limited, the company trains workers to save and increase their reserves when they are still energetic so that they can meet a successful retirement age.
The Supervisory Committee Chairman at Bwendero Dairy Farm Staff Saving and Credit Society Ltd, Mr John Otinga, says the scheme that was established in 2020 with three people has now expanded to a big number with each person saving a monthly 10 per cent of their stipend.
Ms Caroline Kabaliisa, the Chairperson Vetting Committee at the same saving scheme, advises the citizenry to ingrain a spirit of saving in themselves.
