• Contact Us
  • About Us
  • Advertise
  • Donate
  • Login
Watchdog Uganda
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News
No Result
View All Result
Watchdog Uganda
No Result
View All Result

MPs caution against commercialisation of Pensions Fund

Watchdog Uganda by Watchdog Uganda
2 years ago
in National, News
0 0
Hon. Muruli Mukasa (2nd R) appearing before the committee chaired by Hon. Onzima (R)

Hon. Muruli Mukasa (2nd R) appearing before the committee chaired by Hon. Onzima (R)

ShareTweetSendShare

The Committee of Public Service and Local Government has cautioned the Minister of Public Service, Hon. Muruli Mukasa against commercialisation of the Pensions Fund saying this may lead to recurrence of the challenges faced by the National Social Security Fund (NSSF).

The minister appeared before the committee on Tuesday, 28 March 2023 to present his views for consideration of the Public Service Pension Fund Bill, 2023.

The Committee Chairperson, Hon. Godfrey Onzima said that the committee is uncomfortable with the investment provisions in the Bill saying that the core objective of the Bill is to streamline payment of retirement benefits.

According to Section 59 (1) states that, ‘The assets of the Fund shall only be invested in accordance with this Act and any other law in force in order to maximise returns on investment for the Fund’.

“We shall hold further consultations on this provision. The commercial aspect in the Bill will kill its objective. At some stage, we might be forced to delete this provision,” Onzima said.
Onzima also asked the minister to look closely into the provision on suspense accounts saying that the NSSF management was accused of mismanaging funds under the suspense accounts.

“We request you to take into consideration problems faced by the NSSF with suspense accounts. Is there a provision to look for those beneficiaries after the contributors have died? Is there a provision to see how such beneficiaries access the pension?” Onzima asked.

The legislators also cautioned the minister against giving the board of the Pensions Fund un-regulated powers saying this may lead to mismanagement of the Fund.

Hon. Baatom Koryang (NRM, Dodoth West County) however, said that allowing the board members to borrow from contributors’ funds will provide an avenue for mismanagement of the Fund.
“The risk with this is that some board members may be unscrupulous and will mismanage the contributors’ funds. Why would the board borrow from a fund that members are contributing to?” he asked.

Muruli MUkasa said that currently, the public service pension scheme under the Pensions Act, Cap.286 presents a number of challenges relating to its governance, accountability and sustainability owing to its non-contributory character.
“As a result of the sustainability challenge, the current public service pension scheme has continued to suffer shortfalls in funding which ultimately translate into accumulated pension and gratuity arrears for pensioners,” said Muruli Mukasa.

He added that the delayed payment of pension has led to frustration of pensioners and eroded the confidence of the pensionable employees and the pensioners.
“These arrears will continue to accumulate over the years if no reform is undertaken. There is therefore, urgent need to reform the current public service pension scheme in order to address the sustainability challenge and ensure pensioners are paid their retirement benefits in a timely manner,” Muruli Mukasa said.

The object of the Public Service Pension Fund Bill, 2023 is to establish the Public Pension Fund, provide for the establishment of the Public Service Pension Scheme and provide for collection of contributions and payments of retirement benefits.

The Bill further seeks to regulate the investment and custody of pension assets.


Do you have a story in your community or an opinion to share with us: Email us at editorial@watchdoguganda.com
ShareTweetSendShare

Related Posts

News

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
NUP leaders
News

NUP’s Pragmatic Pivot: Sending a Bipartisan Treasurer to IPOD

10th July 2025 at 19:29
News

New order growth spurs continued improvement in Ugandan business conditions in June

10th July 2025 at 19:22
Next Post
Bishop Eridard Nsubuga is expected to retire in July 2023 when he clocks a mandatory retirement age of 65 years

Luwero: Anglican fraternity wounded as battle to control Church land takes new twist 

  • Prostitution in Uganda- Courtesy Photo

    10 dangerous hotspots known for prostitutes in Kampala

    1125 shares
    Share 450 Tweet 281
  • Silent Billionaire Bosco Muwonge Buys Mukwano Arcade at UGX 250 Billion Cash Down

    49 shares
    Share 20 Tweet 12
  • Who is Bosco Muwonge, Uganda’s elusive real estate billionaire?

    36 shares
    Share 14 Tweet 9
  • LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

    2289 shares
    Share 916 Tweet 572
  • Uganda’s Billionaires 2025: Once Again Sudhir Ruparelia Leads a Resilient Pack

    48 shares
    Share 19 Tweet 12
Facebook Twitter

Contact Information

Watchdog Uganda is a portal for solution journalism, trending news plus cutting edge commentaries in the fields of politics, security, business, tourism, entertainment, technology, agriculture, climate change, environment, public health et al. We also give preference to Ugandan community news and topical discussions. The portal also publishes community news and topical discussions.

Email: editorial@watchdoguganda.com
To Advertise:Click here

Latest News

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
Mashable is a global, multi-platform media and entertainment company For more queries and news contact us on this Email: info@mashablepartners.com

Check out

  • Trending
  • Comments
  • Latest
Minister Muruli Mukasa

LIST: New salary structure for civil servants starting July 2020 out; scientists, lecturers get juicy pay rise

24th May 2020 at 10:45
Pregnant woman

Shock as 17-year old boy impregnates his two sisters during Covid-19 lockdown 

17th June 2020 at 08:17
Sudhir Ruparelia is the undisputed king of Kampala

Billionaire Sudhir’s wisdom on how to invest in real estate

0

How a boy’s destiny turned from cotton grower to communications guru

0

Truth Revealed: Jinja City Council Clarifies On Shs4.2 Billion Return To Treasury 

10th July 2025 at 19:35
NUP leaders

NUP’s Pragmatic Pivot: Sending a Bipartisan Treasurer to IPOD

10th July 2025 at 19:29

© 2025 Watchdog Uganda

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • National
    • Politics
    • World News
    • Media Outreach Newswire
    • Africa News
    • Tourism
    • Community News
    • Luganda
    • Sports
      • Football
      • Motorsport
  • Op-Ed
    • #Out2Lunch
    • Conversations with
    • Politics
    • Relationships
  • Business
    • Agriculture
    • CEOs & Entrepreneurs,
    • Companies
    • Finance
    • Products
    • RealEstate
    • Technology
  • Entertainment
    • Lifestyle
  • People
    • Showbiz
      • Salon Mag
  • Special Report
    • Education
    • Voices
  • Reviews
    • Products
    • Events
    • Hotels
    • Restaurants
    • Places
  • WD-TV
  • Donate
  • China News

© 2025 Watchdog Uganda