Informal sector Pension regulations in the offing

 

By Ritah Kemigisa

The Uganda Retirement Benefits Regulatory Authority is in advanced stages of rolling out a pension framework for the informal sector.

Available statistics indicate about 2M people in the formal sector  save for their retirement with at least NSSF while more than half of Ugandans in the informal sector do not have schemes where they can save for retirement.

The Authority’s Director for research and sector development Benjamin Mukiibi says they are to use the current micro finance institutions, banks and organized groups like SACCOs to encourage people to freely make a contribution for their retirement.

The framework is expected to become operational in 5 years.