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MURBS trains Mak staff on budgeting for benefits in preparation for retirement

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Makerere University members of staff have been advised to properly budget for their retirement benefits as they prepare to retire. This was during the pre-retirement training organised by the Makerere University Retirement Benefits Scheme (MURBS) on Thursday, 26th April 2018, for Academic, Administrative, and Support staff who are 54 to 60 years old. The well attended training was facilitated by professional trainers from the Scheme Administrator, Octagon Uganda Limited, and an insurance firm, ICEA. During the training participants were introduced to sustainable investment ideas and viable options of securing retirement income.

According to Mr. Joseph Njuguna, a facilitator from Octagon Uganda Limited, workers should always be ready for their retirement as soon as they receive their first appointment letter. Mr. Njuguna said that many workers tend to perceive retirement more as a distant phenomenon than something that will happen soon. For many workers, retirement comes as a shock that is hard to contain. He pointed out that workers who fail to accept the reality of retiring fail to develop a strategic plan for their money. He said that retirees can easily lose all their benefits from late life experimental investments and can suffer personal life mishaps due to poor retirement planning.

“We need to have a solid plan for our desired lifestyle after retirement. We should make a financial plan, engage our legal officers, think of an income that will sustain us and be able to cater for both our insurance and medical needs. Remember that the more we age, the more we are susceptible to suffer from different illnesses. We should not look at our children as some form of insurance strategy. We need to be able to sustain ourselves with a good degree of independence since we have our retirement benefits as a starting point,” he said.

Mr. Njuguna advised workers to always invest in businesses or services in which they have experience or knowledge. “Being a professor at University, does not guarantee that you are a professor in poultry farming. You need to invest wisely, ensure that the business or investment idea you are undertaking is in line with your knowledge, experience and interest in order to avoid severe losses. Before you start a business, know its challenges, he advised. Members were also encouraged to reflect on the need to conserve their energy as much as possible after retirement and maintain healthy lifestyles.Dr. John Kitayimbwa, the Board Secretary of MURBS interacting with participants

MURBS cautioned its members on the risk of using retirement benefits to invest in a brand new business after retirement. Members were challenged to reflect on important questions like “If a person has not managed any successful business throughout his or her working life, would it be prudent for that person to invest his or her retirement benefits in a new business after retirement?” Is the assumption that one is the best manager of one’s retirement funds a sustainable option?”

From his presentation, Mr. Njuguna demonstrated that about 75% of retirees who are paid lump-sum benefits consume them. He also illustrated that for lump-sum benefits received by retirees and invested in a business, 48% turned out to be unprofitable, 31% had operating profitability, and 21% collapsed.

MURBS introduced members to a new retirement income option of Annuities. An annuity is also referred to as a pension, and it is designed to protect people from the risk of outliving their income. Annuity arrangements allow the retiree to have guaranteed income for life or for a convenient number of years after retirement. This follows a stipulated premium paid by the person seeking the annuity (annuitant) either through prior instalments or in a single payment, such as a member’s accumulated (prescribed portion or all) benefits upon retirement. Annuities are provided by insurance companies which are licensed to provide this service in accordance with the Law.

As he explained the concept of annuities to participants, Dr. John Kitayimbwa, the Board Secretary of MURBS, noted that Life expectancies are getting longer. Dr. Kitayimbwa further observed that the retirement contributions payable to members were increasing and MURBS was now paying its members more money than what other staff of similar rankings in the University used to receive in previous years. He advised that it is important for retirees to continue receiving at least a monthly stipend in the form of an annuity otherwise they could become destitute. The Secretary informed members at the training that MURBS has a clear strategy for member education and training. For this reason, the Secretary urged University staff to embrace MURBS programmes which will improve their financial literacy. The Secretary also said that MURBS engages with its members on a daily basis at the Scheme Office through the Principal Pension Officer.

Mr. Wilber Grace Naigambi, the Board Chairperson, on behalf of MURBS Trustees thanked the facilitators for the informative message that will have a positive impact on staff when preparing for retirement. He thanked the staff for attending the training in big numbers and encouraged them to reflect on the information they had received with seriousness.

Article by: Nabatte Proscovia, Mak-Public Relations Office.

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Launch of Mak-RIF Round 4 Awards & PhD Call for Proposals

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Mak-RIF 4 Awards and PhD Call For Proposals, 29th September 2022, 9:00 to 10:00 AM EAT.

Makerere University received funding from the Government of the Republic of Uganda, earmarked to support high impact Research and Innovations. This unique initiative arose after engagements between the top University Management and the Government of Uganda. This fund illustrates the increasing importance that the Government attaches to Research and Innovation as a driver of development and transformation. The objective of the fund is to increase the local generation of translatable research and scalable innovations that address key gaps required to drive Uganda’s development agenda. 

In the Financial years 2019/2020, 2020/2021 and 2021/2022 the Government of the Republic of Uganda through Mak-RIF has funded implementation of over 750 multidisciplinary research and innovations within the various Colleges, while engaging multiple stakeholders within and outside Makerere University. The Grants Management Committee (GMC) has finalized the award process for the Mak-RIF round 4 call for funding for this Financial Year 2022/2023.

The Grants Management Committee (GMC) hereby invites you to the Launch of the Mak-RIF Round 4 awards and PhD Call for Proposals scheduled to take place tomorrow Thursday 29th September 2022 from 9:00 to 10:00 a.m. EAT. 

Please use the following details to join the launch.

Register in advance for this meeting:
https://us06web.zoom.us/meeting/register/tZwpcu-urDIjE9ZgxdsbEmA2IkNMMiJVECt_ 
Meeting ID: 884 5662 9992
Password: 292624

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Notice: Makerere Disability Scheme 2022/23 Medical Review Exercise

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One of the PWD graduands at the 69th Graduation during the Session held on 17th January 2019.

The Academic Registrar, Makerere University invites persons with disability who applied for admission to public universities under the disability entry scheme for 2022/2023 Academic Year to appear for medical/review exercise at Makerere Unive, Senate Building, Level Two (2) in the Telepresence Centre.

NOTE: Only those who have the minimum entry requirements of at least two principal passes at A’ Level or its equivalent and at least five (5) passes at O’ Level or its equivalent will be interviewed.

 Only candidates who sat ‘a’ level in 2020, 2019 and 2018 are eligible for admission.

THE EXERCISE WILL BE CONDUCTED ON 3rd, 4th and 5th October, 2022 respectively from 9.00 A.M – 1.00 P.M each day.

IMPORTANT:

(i) If you fail to appear on any of the given days above, there will be no other chance for you.

(ii) Applicants with Government Scholarship for the previous years are not eligible for admission

ALFRED MASIKYE NAMOAH

Acting. ACADEMIC REGISTRAR

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Uganda’s policymakers implored to address forest loss, plastic & water pollution

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Left to Right: Prof. Gunnar Köhlin, Prof. Barnabas Nawangwe, Amb. Maria Håkansson, Commissioner Julius Mafumbo and Prof. Edward Bbaale posing for a group photo before the opening ceremony on 22nd September 2022: Photo by EfD-Mak Centre.

The Vice Chancellor Professor Barnabas Nawangwe on Thursday 22nd September, 2022 participated in the opening of the EfD Annual meeting hosted by Makerere University at Speke Resort Munyonyo where he appealed to government to implement the ban on kaveera and address other environmental issues.

The opening ceremony moderated by the EfD Global Hub Manager Gunnar Köhlin and was graced by Uganda’s Minister for Water and Environment represented by the Commissioner for Water, Mr. Julius Mafumbo and the Swedish Ambassador to Uganda, H.E. Maria Håkansson.

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