URBRA urges public to save for retirement

By Drake Nyamugabwa

The Uganda Retirement Benefits Regulatory Authority (URBRA), has urged people to start thinking about their retirement time and start saving along their life line to maintain a relative standard of living. This is through joining or creating retirement benefit schemes; including NSSF, KACITA, MAZIMA Retirement Plan, SACCOs, Shares, and Insurances among others.

This was revealed during an induction function organized by URBRA and Private Sector Foundation Uganda (PSFU), held at Imperial Royal Hotel last week. The Chief Executive Officer, URBRA, David Nyakundi Bonyi said that it’s important to think about life after 60 years and ask; who will pay your bills after a shortfall in income due to old age.  He said there is need to have a deliberate plan to save now with wisdom, determination and discipline to accumulate resources and assessing your retirement needs.

The Director, Communication and Public Affairs, Hajji Hassan Nakabaale, says that government through URBRA is registering saving schemes; who are on voluntary saving basis, urging people to join them. MAZIMA has currently 850 members and the fund is now over 520 Million Shillings with an experience of 10 years.

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