Makerere University Staff Retirees have been advised to actively engage in small scale businesses so as to generate more income for self-sustainability. According to Dr. Gabriel Elepu, a Senior Lecturer at College of Agricultural and Environmental Sciences (CAES), investing in small scale businesses will help retirees to constructively utilize their pension money to improve their standards of living.

Converging in the Makerere University Main Hall on 29th January 2015 for the 17th Annual General Meeting of Makerere University Pensioners’ Association (MUPA), Mak staff retirees were given vital tips on how to start up and sustain small scale businesses.

In his presentation Dr. Elepu shared that developing an idea and drafting a business plan are the essential elements of starting up a business. He therefore advised them to imitate the life of an entrepreneur if they are to increase their income and improve their social welfare.

“Starting up a business does not depend on how much capital you have, but rather on how better you can utilize the available capital to generate profits. A good business man should have a fundamental idea with an entrepreneurial mind. Always focus on how much you have in your pockets; don’t wait to amass millions and millions of money in order to start up a business. Even those successful businesses you admire started from a humble background,” he advised.

Dr. Elepu also noted that, in order for owners to successfully reap from their businesses, they have to be fast learners, hardworking, and ready to bear risks. He cautioned retirees against poor management and lack of passion as these were the main reasons behind the collapse of many businesses.

“I therefore recommend you to always start up businesses out of strong reasons. Have passion for the business then proper management will follow. Failure to have love for your business will lead to a poor management system,” Dr. Elepu added.

In his speech the Vice Chancellor Prof. John Ddumba-Ssentamu appreciated the considerable strides made by Makerere University towards clearing outstanding payments for retirees. He therefore called upon them to continuously and tirelessly support the University management so that their needs are catered for in a timely manner.

“In spite of the limited resource envelope, we committed resources to pay Commuted Pensions Gratuity (CPG) for the period of 1996 to March 2009. However,  the Pension Office has a list of a few people who have not been paid due to lack of bank details while others have since passed on and the office doesn’t have the names of the administrators of their estates. I request the MUPA Board of Trustees to work with Pension Office to ensure that these outstanding payments are also cleared,” the Vice Chancellor remarked.

“I would like to assure you that Makerere University recognizes and appreciates the contributions and efforts of all retirees to the progress of our University. This is why all efforts are being made to ensure that there exists a cordial working relationship between the institution and MUPA. Our goal is mutual and this is to ensure that retirees of Makerere University live with dignity after years of serving for the good of this premier institution,” he added.

Story by:  Prossy Nabatte, Intern-Public Relations Office.