General
MURBS Seminar provokes Staff Entrepreneurial Spirit
“Retirement goes beyond simply choosing a date to retire” were some of the words of wisdom that echoed across the Makerere University Main Hall during the second retirement planning sensitization seminar. As part of its Member Education series, the Makerere University Retirement Benefits Scheme (MURBS) held the seminar on Tuesday 18th March 2014, organized as a way of helping members devise the best plan for their retirement. The MURBS Board of Trustees (BoT) lined up a panel of speakers namely; Mr. Fulgence Mungereza, Mrs. Edna Rugumayo and Mr. Kaka Sudesh, with the promise to tickle, excite and educate.
Welcoming scheme and BoT Members present to the seminar, the Secretary BoT, MURBS, Dr. John Kitayimbwa emphasized the need to have a panel representative of at least three age groups so as to best cater for all Members, the target range being 20 to 70 years. In her opening remarks, the Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde encouraged the audience to always reflect on retirement as a time enjoy the benefits of their hard work and hence prepare adequately for it.
“I encourage each and every one of us here to always seriously; assess your readiness to retire, identify actions to improve your readiness to retire, acquire adequate financial planning knowledge and most importantly develop a saving culture for your retirement,” counseled Hajjati Fatumah Nakatudde.
The first panelist at the seminar Mr. Fulgence Mungereza, a partner with Mungereza and Kariisa, a certified public accounts firm, thanked Members for taking time to attend the event, noting that eminent people especially those employed by Makerere ought to start preparing for retirement as early as the first day at work. “Planning and saving starts now,” emphasized Mr. Mungereza, further noting that “Few retirees live comfortably afterwards, with some being entirely devastated as retirement seems to catch them by surprise!”
He noted the dangers of overdependence on salaries and encouraged the audience to always devise means of securing a side income. Mr. Mungereza who delivered his presentation in a matter-of-factly way then challenged the members especially Men to always consider their partners when making investment decisions. “Working secretly is dangerous! The first partner is your wife,” he wisely counseled.
Mr. Mungereza encouraged the audience to adopt a saving culture, noting that it is not about the amount but the habit “wealth is a function of savings not earnings,” he elaborated. He cautioned members to always review the status of their assets so as to ascertain what to do with them. “Get out of bad debt. Do not borrow a “Cheap debt”; for the sake of servicing expenses.” He instead advised that members should adopt measures like mortgaging their property for the sake of garnering investment capital. Mr. Mungereza concluded by urging all members to write their wills so as to keep their hard-earned money within the family. He commended the audience for investing in quality education for their children but warned against depending on them for their retirement. “Children are a good investment but they may ignore you in your latter years,” he said.
Mrs. Edna Rugumayo, also a Certified Public Accountant (CPA) and the ICPAU-nominated MURBS BoT Member then gave her contribution on preparing for retirement as the second panelist of the day. An alumna from the School of Statistics and Applied Economics, Makerere University, Mrs. Rugumayo advised the audience against regarding retirement from Makerere as the complete cessation of active employment. Using her own example as a recent retiree, she noted that we were enjoying a higher standard of living than our forefathers and hence living longer, a factor that necessitated us to carefully plan for retirement. “Planning for retirement is planning for life,” she aptly stated.
Regarding the need to ensure that members lived a well-balanced life, Mrs. Rugumayo offered a few words of wisdom to the younger crop of MURBS members, who unfortunately were sparsely represented in the audience. “Do not wait to marry late, for in so doing, all your problems will be delayed.” She encouraged all present to keep on improving their qualifications so as to avoid going into obsolescence. Recognizing the need to set goals in all aspects of life including one’s income and expenses, Mrs. Rugumayo advised that every goal should be accompanied by a plan or else it would simply remain a wish. “Set long-term goals for your life and then set short-term goals on how to get there [incrementally]. Do not be disappointed when you fall short of your goals but instead have a personal change management plan to help you adjust accordingly,” counseled Mrs. Edna Rugumayo.
She also observed that personal financial planning is an aspect that is closely linked with our lifestyles. In this regard, Mrs. Rugumayo recommended that saving ought to be thought of before spending, noting that saving can only work as a culture. “Draw up a personal saving plan and stick to it. Mandatory saving is good but insufficient because the benefits are received only at the end and will not save you in the event of an emergency,” she advised.
On the subject of where we ought to keep our savings, Mrs. Rugumayo summarily but with the wisdom of one very knowledgeable on the subject said, “At worst, save in the bank. Savings dwindle with time and in the long run, you are enriching the bank,” she pointedly noted. She instead advised members to consider tried and tested avenues like land banking which has been discovered to be lucrative saving vehicle in Uganda. She also advised members to consider investing in Government securities like bonds and treasury bills. And whereas the small business sector is regarded as the least capital intensive, the former Assistant Commissioner Finance at the Uganda Revenue Authority (URA) advised that Members should first seek to acquire specialized knowledge on the intricacies of their operations prior to investing in them.
In concluding her presentation, Mrs. Rugumayo noted that there is no one-size-fits-all solution for investment. She also advised that annuity; a fixed sum of money paid out by the Government to retirees each year, is not very well developed in Uganda and advised against totally relying on it.
The third and final panelist of the day and arguably the most energetic then took to the stage and encouraged members to get up and stretch before he could start his presentation. The 31 year old Business Coach and Keynote speaker who retired at only 24 then dared anyone to doze off during his presentation, as he walked to and fro the aisle in the Main Hall. The CEO at Sudesh International Consult Ltd and Graduate of Makerere University then launched into his presentation by defining that a business should be commercial, profitable and above all able to work without your presence.
As one who started doing business at only 10 years of age thanks to a well-established culture of business-minded parents and grandparents, Mr. Sudesh shared that he had lost it all so many times before but most importantly, had learned valuable lessons that continue shaping his business engagements to date. “The most important thing is to get and keep customers,” he shared as one of the lessons learned. He further noted that the principles of good business ought to come first and once mastered, can be applied across varying scenarios for they are more or less the same.
Mr. Sudesh by virtue of his profession meets a lot of business owners and practitioners. He noted that during one such engagement, he more than ever before learnt to respect the distinction between the two-sided nature of business; technical and managerial. He advised business owners and those intending to start to always identify their strength as either technical or managerial and then proceed to employ someone else to handle the side that they were less skilled at. In so doing, they would then be able to avoid stifling the business’ growth, “You cannot do it all. You need partners to carry your business beyond your own dreams,” he advised.
The best timing of when to go into business is a decision that beleaguers one too many. To this end, Mr. Sudesh advised members to always take the initiative to start now, as the conditions will never be 100% perfect. He however advised that once up and running, one ought to treasure their employees, “People matter the most. How you treat your team is the key to your success or failure.” In concluding his presentation Mr. Sudesh asked the audience to always ponder on the three questions; Are you [as a business owner/manager] seeing what is or what you hope for? Are you [as a business/product] remarkable or invisible? Are you [as a business/product] growing or dying?
At the conclusion of the presentations, the audience was given the opportunity to ask questions, which ranged from why one who has worked very hard all their lives should not just simply enjoy their savings, to how to purchase Government securities. In their responses the panelists and BoT Members advised the audience to always look at work as pleasure and even after retirement, to go into those business ventures that are fulfilling. MURBS Members also received advice from Prof. James Ntozi, Chair, Makerere University Pensioners Association (MUPA) to always be united in their demand for good retirement packages from both Makerere University and the Government.
At the conclusion of the seminar the Chairperson, BoT, MURBS Hajjati Fatumah Nakatudde thanked the panelists for their respective great deliveries and members for turning up to receive sound investment advice. She further encouraged members to increase their monthly savings to MURBS. “Mandatory savings currently being deducted are very small. Let us each try to make additional voluntary savings,” she said. The Secretary BoT, MURBS, Dr. John Kitayimbwa reiterated Hajjati Nakatudde’s appeal by sharing that “Last year, MURBS paid out 12.6% interest to members, which was above inflation and 1% more than what NSSF paid to its members.”
The next seminar in the series will feature the MURBS fund managers, who have expressed willingness to come and educate members on how to invest in equities and Government securities. Members are advised to come and attend these trainings to improve their knowledge on sound Financial investment.
Article and Pictures by Public Relations Office
After 14 years of dedicated service, Claire Nakayiza, a familiar face and trusted custodian at the School of Public Health (SPH), has retired, leaving behind a legacy of hard work, commitment, kindness and service to the School community.
For many people at the School of Public Health, the sight of Claire arriving early in the morning, opening up the building and ensuring that everything was in order was simply part of the daily rhythm of life at the School.
For 14 years, Claire has been a constant presence at SPH. She has witnessed generations of staff, students, researchers and visitors walk through the School’s doors. She has seen colleagues join, grow and eventually move on, while she remained a dependable presence, quietly carrying out her responsibilities and ensuring that the School was ready to welcome everyone each day.
Her retirement was therefore more than a routine farewell. It was an opportunity for colleagues to celebrate a woman whose contribution, though often carried out behind the scenes, touched many lives and contributed significantly to the smooth running of the School.
At a farewell brunch organised by the Dean, School of Public Health, Prof. Rhoda Wanyenze, colleagues and friends described Claire in glowing terms. Words such as hardworking, kind, patient, resilient, dependable and caring repeatedly featured in the tributes.
For many, Claire was much more than a custodian. She was described as a mother figure, a counsellor and someone people could approach whenever they needed a listening ear, encouragement or simply a warm smile.
A commitment that went beyond the call of duty
One of the strongest themes to emerge during the farewell was Claire’s extraordinary commitment to her work.
Colleagues recalled how she would routinely open the School building as early as 6:00 a.m., ensuring that staff and students arriving for the day found the premises ready. Her working day could stretch well into the evening, with some days requiring her to remain at the School until 8:00 p.m. or even 10:00 p.m.
Despite the long hours and demanding nature of her responsibilities, colleagues said Claire rarely complained. Instead, she approached her work with patience and resilience, always focused on ensuring that the School was secure and that its operations could continue smoothly.
Her dedication was particularly evident in her contribution to improving the security of the School building. Over the years, Claire became a trusted custodian of the premises, helping to ensure that the building was opened and closed responsibly and that the environment remained secure for those who worked and studied there.
Speaking at the farewell, Prof. Wanyenze described Claire as someone who consistently worked beyond the call of duty.
The Dean acknowledged that saying goodbye to Claire was an emotional moment, given the many years she had spent serving the School and the relationships she had built along the way.
However, Prof. Wanyenze said she had spoken to Claire and was assured that she was ready to embrace the next phase of her life.
She joined colleagues in wishing Claire good health, happiness and prosperity as she begins her retirement journey.
More than a custodian
Claire’s impact at SPH was not limited to the physical responsibilities associated with her job. To those who interacted with her regularly, her greatest contribution was perhaps the warmth and humanity she brought to the workplace.
Amos Ddembe, the Internal Auditor, described Claire as a joy to watch as she went about her work.
He particularly remembered her interactions with people when she was stationed at the reception area. Claire, he noted, was almost always smiling and welcoming to staff and visitors.
Her ability to make people feel comfortable, regardless of their position or role at the School, earned her the affection and respect of many colleagues.
Claire’s colleagues also remembered her as someone who was willing to listen and offer guidance. Her patience and calm demeanour meant that people could approach her with their concerns, knowing they would receive a sympathetic ear.
Over the years, these seemingly small interactions accumulated into meaningful relationships, helping to make Claire one of the most recognisable and trusted members of the SPH community.
A legacy of service
Fourteen years is a significant period in the life of any institution. During that time, Claire witnessed changes in leadership, staff, students, programmes and the physical environment of the School.
She remained a constant through these transitions.
Her service represents the important contribution made by members of the support staff whose work often happens quietly but is essential to the functioning of an institution.
From opening the building before sunrise to securing it late in the evening, welcoming people at reception, supporting the day-to-day operations of the School and contributing to the security of the premises, Claire’s work helped create an environment in which others could perform their own responsibilities.
Her story is a reminder that the success of an institution is built not only through high-profile academic and research achievements, but also through the dedication of people who ensure that the institution functions every day.
A gesture of appreciation
As part of the farewell, the Department of Community Health and Behavioral Sciences also expressed its appreciation for Claire’s years of service.
Representing the Department, Dr. Christine Nalwadda presented Claire with a cash envelope on behalf of the staff as a token of appreciation for her commitment and contribution to the School.
A new chapter begins
As Claire leaves the School of Public Health, she takes with her the memories of 14 years of service and the goodwill of the many people she encountered along the way.
For the colleagues who gathered to celebrate her, the farewell was not simply about marking the end of employment. It was about celebrating a colleague who had become part of the fabric of the School.
As she begins this new chapter, the School of Public Health joins together in saying:
“Thank you, Claire, for 14 years of dedicated service. Thank you for the early mornings, the long evenings, the smiles, the patience and the unwavering commitment.
May retirement bring you the good health, peace, happiness and prosperity you so richly deserve.”
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