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URBRA Tips 2nd Mak Seminar on Early Preparation for Retirement
- Age is inevitable; it’s you to make your retirement enjoyable – URBRA
- Old age is a treasure in life but how are going to enjoy it? – URBRA
Thousands of members of the Makerere University family filled the Main Hall on Tuesday, 19th February 2019 to learn more ways on how to save for their retirement. Right from the onset, the massive turn up of both staff and students listened attentively to the speakers who made presentations on various saving and retirement scheme options.
Addressing the audience, the Chairman Board of Directors Uganda Retirement Benefits Regulatory Authority (URBRA), Mr. Andrew Kasirye thanked everyone for sacrificing their time and attending the conference. He went on to share that URBRA is extending its services to the students in order to make them prepare for their old age, as the earlier one starts saving, the more money one receives upon retirement.
“It has come to our attention that students have money but don’t know how and when to spend it. As URBRA, we decided to come and extend our services to you so as to help you learn and adopt a saving and investment culture when you are still energetic; don’t wait until you get a lot of money before you start thinking of saving,” Mr. Kasirye advised.
He noted that URBRA is committed to implementing its strategic objective that aims at improving understanding and promoting the development of the Retirement Benefits Sector and expounding on the people’s understanding about saving for retirement.
Mr. Kasirye further acknowledged the excellent cooperation URBRA has with Makerere University Retirement Benefits Scheme (MURBS) and noted that they work hand in hand towards achieving the shared goal, which is ensuring that the rights of scheme members are adequately safeguarded.
The Principal, College of Business and Management Sciences (CoBAMS), Dr. Eria Hisali thanked URBRA for working hand in hand with the School of Statistics and Population Studies to extend its services to the mighty Makerereans. He urged URBRA to continue this good service so as to sensitize the young generation.
Addressing the challenges of old age, poverty and the role of the Retirement Benefits Sector in the Economic Development, the Manager Research and Sector Development URBRA, Mr. Mukiibi Benjamin defined saving as the portion of current income not spent on consumption, and investment as the purchase of assets with the goal of increasing future income. He noted that saving for retirement is a long life term goal which everyone above 18 needs to engage in so as to live an enjoyable retirement.
He advised the students to save regardless of what they get if they want to enjoy their old age. “Even with so little earned, and many demands, one requires saving for retirement. Your most needy time is when you are retired and there is nothing to support you and you end up living a miserable life,” noted Mr. Mukiibi.
Mr. Mukiibi who is also a proud alumnus of Makerere University urged the Makerere fraternity to treasure their old age by making good use of every stage that they go through.
“Always ask yourself what kind of job you will do when you clock 60, use every stage of your life carefully and build a future of wealth and stability,” he advised.
Briefing the audience on the mandate and functions of URBRA the Acting Chief Executive Officer, Mr. Martin Nsubuga; another proud alumnus of Makerere, revealed that a students’ retirement savings scheme was opened last year to enable learners start saving early for their retirement, “for it is the black hair that works for the grey hair.”
“The longer you save the more money you save. Saving at a tender age is much better than saving at a late age when your retirement is at the door,” advised Mr. Nsubuga.
He also noted that once one has joined URBRA, he/she can save UGX1,000 daily and accumulate it till he/she reaches the retirement age of 55.
Speaking to the audience, the Patron Makerere Actuarial Society (MAS), Dr. Hellen Namawejje thanked URBRA for the great work done in extending its services to Makerere University students. She noted that this was the second successful Mak-URBRA seminar and thanked the audience for the massive turn up and pledged continuity of the educative seminars.
Article by Rachael Kanyi, Volunteer, Mak Public Relations Office
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