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MURBS Trustees Declare 11.05% Interest on Members Balances for the FY 2021/2022
Published
2 years agoon
The Board of Trustees for the Makerere University Retirements Benefits Scheme (MURBS) has declared an interest of 11.05% on members’ balances for the financial year starting 1st July, 2021 to 30th June, 2022.
The Chairperson of the Board of Trustees, Dr. Godwin Kakuba made this declaration during the Presentation of the MURBS Performance for the Financial year ending 30th June 2022 to members of the University Council and Management at a meeting held on 18th October 2022 at Makerere University Telepresence Centre, Senate Building. The meeting was graced by Makerere University Council Members, the Vice Chancellor and members of management, the CEO Uganda Retirements Benefits Authority Mr. Martin. A Nsubuga, the CEO of the Insurance Company of East Africa and leaders of staff associations. Other members present were Trustees of MURBS, MURBS departmental Ambassadors, staff of Makerere university and MURBS among others.
On behalf of the Board of Trustees, Dr. Kakuba highlighted that given what has been happening on local and international market and the impact caused by the COVID pandemic, the declared interest is above the inflation rate implying that members contributions have been well preserved. He revealed that for 1,116 members of staff, the interest generated through the scheme investments and credited on their accounts is more than contributions received from the university.
The Board also confirmed that Makerere University remitted all the contributions that were due for the entire Financial year. Members funds grew from UGX 255bn to 299bn supported by the increase in contributions and positive returns from investments and is projected to hit a trillion by 30th June 2026.
Dr. Kakuba reported that the schemes accounts were audited by PricewaterhouseCoopers Certified Public Accountants who issued unqualified opinion on the financial statements. He said the scheme membership increased by 1000. As at 30th June 2022, the scheme had 7, 162 (active 3,093 and Deferred -4,069) members compared to 5,984(Active -2007 and Deferred -3907) as at 30th June 2021.
“The Trustees collected contributions totaling UGX 33.5bn as compared to UGX 24.5bn for the FY 2020/2021. Out of the 33.5bn, UGX 29.4bn was paid in respect of staff of Makerere university on main payroll except UGX 82.5m. The Trustees appreciate this compliance and are also grateful for the plans drawn to settle the difference. The Trustees thank the Makerere University for honouring these obligations,” he commended.
Dr. Kakuba appreciated the University Management for the progress made towards debt recoveries. The Trustees recovered UGX 6.5bn in respect of the In-house debt and thus, combined with UGX 5bn paid by Government on 20th May 2021, the scheme recovered UGX 11.5bn by 30th June 2022. Dr. Kakuba reported that on 4th August 2022, the Government paid UGX 1.5bn, bringing the cumulative amount recovered to UGX 13bn representing 51% total debt recoveries expressing hope that the balance of 12.4bn will also be cleared.
“The members’ funds grew from UGX 255bn at the start of the FY 2021/2022 to UGX 299bn at the end. This growth was supported by the increase in contributions and positive returns from investments. During the year, trustees approved investments in Unit Trusts which created an avenue for the scheme to maximise opportunities for daily cash contributions. The scheme’s strategy to significantly divest from equities continues to cushion our assets against volatility.” part of the statement reads.
Reporting on the effect of Fund value and return on investment on individual members, Dr. Kakuba noted that MURBs now has a member holding benefits in excess of UGX 400m while the average of the top five holdings exceeds UGX 398m. He promised that the Trustees will strive to push the member with the biggest member holding to hit 0.5bn mark over the next 12 months.
Kakuba also reported that for the past years the scheme has been voluntarily participating in Financial Reporting competitions to gauge its standard of financial reporting as compared to other financial institutions in the country with emphasis on the disclosures made in the report, governance, sustainability, communication and presentation of the accounts.
“With respect to the 2020 Annual report, MURBS again emerged winner in the Retirement Benefits Sector category. These awards are a confirmation that MURBS is on the right course. We are proud to have our scheme as a leader of the pension scheme,” said Dr. Kakuba.
Chairperson of Council satisfied with the interest of 11.05%, cautions staff on Mid Term
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In a speech read by Prof. Frank Mwine, the Chairperson Makerere University Council Mrs. Magara congratulated MURBS upon its consistent commitment on accountability to the stakeholders, subjecting the books accounts for auditing by a reputable firm, participating in the Financial reporting competitions and winning five awards.
The Chairperson of Council commended the Trustees for the positive performance indicators, a growing fund and membership, diversified investments, the growing net return on investment and competent return on investment. As leaders in the pension sector, the Chair implored the scheme to keep the position and support other retirement benefits schemes in Uganda to improve.
“I have noted that you have declared less interest this year than last year., but considering the economy and market conditions during the 2021/2022 Financial Year, I am satisfied that the interest 11.05% is a good return. So, our Trustees have done very well and as Council, we agree that this performance has added value on each members holding in MURBS.”
The Chairperson of Council reminded the Trustees to be aware that handling mandatory contributions requires a great deal of care. She implored the Trustees to take the highest level of due diligence as they work with service providers in the sector noting that there is no greater pain to an employee than to be told some of the money was lost in some not-so-clear investments.
In her speech, Mrs. Magara also encouraged staff and retirees not to spend a big part of the retirement package and to take advantage of the MURBS Annuity program in order to have a comfortable retirement. She reasoned that given the rate at which the scheme fund is growing, and the benefits they have, it’s likely that annuity pay-outs will soon be able to match a retirees exit salary for many members. She asked Trustees to sensitize members on the benefits of annuities.
The Chairperson of Council reminded MURBS members that there has been early access to retirement benefits before in Makerere and this has been one of the main reasons senior staff may be still having smaller packages for retirement and some members ending up accusing the university for giving them peanuts at the end of service.
Mrs. Magara cautioned and expressed concern about whispers of MURBS members getting early access to and part of their retirement money on the pretext of hardships faced during the lockdown years of COVID 19.
“I am not convinced this is a good idea for the members of MURBS since the university was able to pay full salaries during that time. The idea of midterm access coming out of a one–time event called COVID 19 should not become entrenched into long term scheme rules. I will therefore caution you to be very careful with this idea and sensitize members of MURBS,” she guided.
MURBS performance-a relief and in line with Council’s objectives – Mak VC
Describing MURBS as the brain child of the Makerere University Council established 12 years ago, the Vice Chancellor Prof. Barnabas Nawangwe said the purpose was to ensure that staff lived decent lives in retirement. Prof. Nawangwe reported that the status of the scheme was last year boosted when the Minister of Finance, Planning and Economic Development exempted the University from mandatory contributions to NSSF, making handling of mandatory retirements benefits easier and adding value to the university employees.
Prof. Nawangwe congratulated the Trustees upon the excellent performance saying, the good results presented met the original objectives of the University Council. “It is so gratifying to hear that there are more than 60 employees whose retirement packages are over 300m but are still working and some still below 50 years. This was unthinkable a few years ago. It is good to hear that over 1000 individuals have received more interest than their contributions in this financial year. This is a big achievement for a University that used to suffer negative publicity on the basis of retirement packages of her employees,” Prof. Nawangwe stated.
Prof. Nawangwe recalled that 12 years ago MURBS started with less than UGX 20bn but now holds, over UGX 300bn and receiving monthly contributions over UGX 2bn. He reminded participants that this is part of the potential he was referring to while starting his first term as Vice Chancellor.
“You may also recall that unlocking the potential within Makerere University was top of my agenda. In the case of social security of staff, this is being done every month when more than UGX 2bn is invested by our own scheme and for repayment of university debt. In addition, I promised to prioritise repayment of university debt.”
The Vice Chancellor, expressed happiness that the University with support from Government completed paying all debts for the period between 2005 and 2011 and has now repaid UGX13bn of in-house debt pledging that the balance is expected to be cleared in less than two years.
Vice Chancellor challenges staff to face the challenges of the century squarely
Turning to the staff, the Vice Chancellor stressed that with the completion of celebrations of 100 years of excellent service to humanity, Makerere University has a firm foundation on which to build.
“It is now time to face the challenges of the century squarely. We owe it to the Ugandan tax payer and to the Government of Uganda to come up with innovations that will solve the problems that our people are facing,” Prof. Nawangwe said adding:
“The Government has consistently been increasing funding towards universities. So, Universities too, and Makerere in particular, need to support government development programmes for the country by finding real solutions that impact lives and transform society. Let us nature the good relationship that exists between Government and Makerere university,” Prof. Nawangwe said.
Prof. Nawangwe commended the University Council and Management for the support accorded to MURBS saying, they have worked with the Trustees over many complicated matters and were going to continue working together in other matters such as the amendment of the Trust Deed of MURBS as the new dispensation requires.
MURBS has a formidable team and experts –CEO UBRA
The Chief Executive Officer Uganda Benefits Regulatory authority, Mr. Martin A. Nsubuga congratulated Makerere University upon holding the centennial celebrations successfully. Mr. Nsubuga also congratulated the MURBS for the wonderful performance.
“For people in this Market, declaring the interest of 11. 05% in the era of COVID and the market dynamics that were present, I really have to congratulate you. You have a very good formidable team with very good experts.”
Re-affirming the position of the Trustees on the interest declared and investments made, Mr. Nsubuga said: “On our side, we can only confirm that the numbers that have been declared are consistent with what we had anticipated. Just to confirm to you when we came here we know where your money is invested with almost 80 % in fixed assets and we know how they are trading, we had an idea and we would have been disappointed if they had declared anything less than 10%.”
Mr. Nsubuga commended MURBS Trustees for upholding good governance standards saying, they are reliable, the reason why they were recommended to become an in dependent pension scheme.
He said as a regulator, they were proud of MURBS credibility in her Financial statements describing the performance as unrivalled as far as the standard, disclosures and the returns are concerned.
He appreciated the University Management and Council for the support rendered to the scheme, fulfilling the contribution obligation and enabling the scheme to operate and perform without influence.
Mr. Nsubuga also commended the schemes foresightedness. He implored staff and Trustees to make an arrangement to work with ICEA and and purchase annuities so that they can receive monthly payments throughout their lifetime.
By: Jane Anyango and Ritah Namisango
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Mastercard Foundation Scholars Empower Schools in Mukono and Kyegwegwa Districts
Published
5 days agoon
November 18, 2024By
Mak EditorBy Scholars Program Communication Team
On Saturday, November 16, 2024, Little Angels Junior School, Mawotto Village, Mukono District, and St. Charles Rwahunga, Nursery and Primary School in Kyegegwa District celebrated an inspiring, joy-filled event. These two schools were selected to receive the generosity of Mastercard Foundation Scholars at Makerere University during the Annual Scholars Day of Community Service.
At St. Charles Rwahunga Nursery and Primary School, the Scholars donated various products, including Learning Materials, Geometry sets, Sanitary towels for the girls, sportswear for the boys’ football team, and other goodies.
The Community Nursery and Primary School serves 412 pupils with severe challenges due to inadequate infrastructure. The buildings are dilapidated, there is a shortage of desks, and the classrooms are small and overcrowded. These issues need to be addressed to ensure a better student learning environment.
Mr. Alex Mugisha, the Headteacher of the School, expressed gratitude to the Scholars of Mastercard Foundation for the kind gesture they extended to his school.
“I am deeply grateful, along with the students and staff, for the generosity of the Mastercard Foundation Scholars. These materials will significantly enhance the learning environment for our pupils,” remarked Mr. Mugisha.
Mr. Nelson Ddumba, the Scholars Council Representative, encouraged the young learners at the event not to lose hope. He emphasized that regardless of their starting point, they can improve their circumstances by staying in school.
“Listen, my fellow students: do not give up. The only path to transforming your circumstances is through a steadfast commitment to your education and remaining in school. I have been in your shoes, but I pushed through and succeeded thanks to my mother’s unwavering support. Today, I proudly attend Makerere University, one of the leading institutions in Uganda. Embrace the challenge ahead and make your education your top priority!” Mr. Ddumba declared.
At Little Angels Junior School, pupils were excited to receive educational materials, reusable sanitary towels, mathematical sets, dictionaries, and textbooks for nursery to primary seven students.
Ms. Sarah Nturo, the headteacher, commended the Mastercard Foundation Scholars at Makerere University for the kind gesture.
She said the books will help the school improve its reading culture and performance.
“We are grateful to the Mastercard Foundation Scholars Program at Makerere University; we believe these books will significantly contribute to improving our pupils’ performance,” Ms. Nturo said.
Nturo also pointed out that they have challenges with the facilities and water as a school.
“Ever since we started this School, the education has improved because, in the past, parents could not allow their children to come here; instead, they would send them to the lake for fishing. But now, the children come only because they do not have somewhere to sit. We have few desks,” Nturo said.
During the visit, the pupils mesmerised the scholars with rare dance moves. The excitement did not leave the Programme Implementation team and teachers in their seats, making it a fun-filled event. The audience was left yearning for more.
Addressing the school, Mr. John Osuna, the Transition Lead at the Mastercard Foundation Scholars Program, urged the pupils to use their school time to prepare for a bright future.
“Do not mind where you are coming from. We all started like this. Education is an equalizer. Now that you have an opportunity to study, focus on making the best out of it. Be disciplined pupils and listen to your teachers. The sky will be the limit,” Mr Osuna said.
During the event, Francis Kabuye Kaggwa, the Chairperson of the Parents Teacher Association (PTA) leadership, said that ever since the school started over 10 years back, they have never received guests who bring them gifts like how the Mastercard Foundation Scholars did.
“I think you have seen how excited the children were. We are all happy this has never happened to our school. Who are we to receive these gifts? We have challenges, but with friends like God on our side, we shall conquer,” Mr. Kabuye noted.
The Scholars’ Day of Community Service is an annual event where Mastercard Foundation Scholars at Makerere University engage in community service as a way of giving back. This initiative aims to empower vulnerable individuals in the community and contribute positively to society.
General
Prof. Nawangwe calls for Increased Government Sponsorship for Students with Disabilities
Published
1 week agoon
November 14, 2024By
Mak EditorBy Mak Communication Team
The Vice Chancellor, Prof. Barnabas Nawangwe, while speaking at the inaugural commemoration of the International Day for Persons with Disabilities at Makerere University has appealed to the Government to increase the number of students with disabilities on government sponsorship.
The event held on Wednesday, 13th November 2024 was organised by the Office of the Dean of Students and the 90th Students’ Guild-Ministry of Students with Disabilities and held in the Yusuf Lule Central Teaching Facility Auditorium.
The day’s theme was: “Empowering Inclusion: Breaking Barriers, Unlocking Potential”
“Students with disabilities should be the first to be admitted on Government sponsorship because there are not so many,” Prof. Nawangwe said.
Prof. Nawangwe called upon the government to devise a scheme and policy for integrating students with disabilities into the working environment after graduation.
Prof. Nawangwe noted that the University has established a Disability Support Centre, a one-stop facility to ensure equal access to education and life, promote inclusivity, and support students and staff with disabilities.
“Over the years, Makerere University has branded itself as a place that actively and loudly promotes increased awareness about the rights and needs of students and staff with disabilities.” Prof. Nawangwe remarked.
While addressing the gathering, the Chief Guest, Hon. Hellen Grace Asamo, the State minister for Disability Affairs, called upon Persons with Disabilities to always believe in themselves and be able to break the barriers of the inferiority complex.
“You have to show people that you have the potential, and when people get to know your potential, they will begin to include and engage you. But if you do not have your potential, nobody will include you. They will think you are just someone who is just there seated and begging,” Hon. Asamo noted.
In her welcome remarks, Dr. Winifred Kabumbuli, the Dean of Students at Makerere University, said that the University is making a deliberate effort to pay particular attention to the decisive implementation of inclusive Policies and Practices.
“This is where we want all people to thrive and grow. Therefore, we are proud to accept and celebrate our differences and uniqueness. We welcome you here to build a culture of active support for each other and to declare that by championing a conducive environment for students and staff with disability, we are part of the change-makers of today,” Dr Kabumbuli said.
Dr. Kabumbuli also highlighted several policies the University has implemented, such as the Policy for Persons with Disabilities and safeguarding, Accommodation policy, University rules and regulations, the Human resource manual, and the student guild constitution that provides inclusive participation in student leadership and admission policies.
“These policies protect and enhance the rights of both staff and students with disabilities. For example, we have a student guild minister for persons with disabilities to ensure their voices are heard,” Dr. Kabumbuli noted.
Makerere has directed attention to ensuring accessible and comfortable accommodations for students with Disabilities by having designated accessible hostels and rooms. The University provides salaries, lodging, and meals for helpers who assist students with disabilities. A concentrated effort is also being made to build ramps, elevators, and accessible pathways to facilitate navigation for students and staff.
According to Dr Kabumbuli, the University has embraced a drive to facilitate students’ access to assistive devices, including wheelchairs, white canes, brailling machines, hearing aids, etc.
“As part of our commitment to inclusivity and accessibility, the University has designated a specialized space within the library, equipped with assistive technologies and resources, specifically for students with disabilities to ensure equal access to knowledge and academic success for all. We have also put in place special arrangements, such as extra time during examinations to enable access to education,” Dr Kabumbuli said.
Dr. Kabumbuli acknowledged the support from the Mastercard Foundation Scholars Program, the Ministry of Gender, and the School of Law, which are committed to championing diversity, inclusion, and equity for People with Disabilities.
The International Day of Persons with Disabilities is celebrated annually on December 3rd to raise awareness and support for people with disabilities worldwide.
General
The 3rd Fundis and Technicians sensitization event and exhibition held successfully
Published
3 weeks agoon
November 2, 2024The 3rd annual Fundis and Technicians sensitization event and exhibition by manufacturers of building materials organized by the Department Architecture and Physical Planning at the College of Engineering, Design, Art and Technology (CEDAT), Makerere University came to a close with a call for increased partnerships between training institutions and the community.
The event that attracted 200 participants including masons, fundis, painters, builders, metal and electrical fabricators ran from Thursday 24th to Friday 25th October 2024 at CEDAT. It was supported by several stakeholders and was characterized by training sessions and an exhibition of building materials by different companies that make cement, paint, water tanks tiles and many more.
Prof. Henry Alinaitwe, the Deputy Vice Chancellor in charge of Finance and Administration represented the Vice Chancellor, Prof. Barnabas Nawangwe at the opening of the training. In his remarks, he extended appreciation to the technicians for accepting to take part in the training which he said was key in ensuring that they gain from continuous learning. Prof. Alinaitwe observed that although some of them did not get through formal training, it was important that they took part in such training programs to keep abreast of the developments in the construction industry where they undertake the bulk of the work as masons, technicians, plumbers, and metal fabricators.
‘Keep improving, we need to up our game in terms of quality’, he said while making reference to the need for quality output. He cautioned them on issues of cost and cheating of their clients by making realistic costs. ‘We need to cost the work well taking into account the materials, the labor, the equipment used, and the overheads’. The other area that needed to be taken care of by the technicians included time management, which reflects on attitudes towards work, team work. While addressing the gathering in his capacity as Chairman of the Engineers Registration Board, Prof. Alinaitwe said the upcoming engineering Registration Bill, if approved, has a provision for the registration of all artisans and hence the need to have the minimum requirements for the stakeholders to be registered. He also stressed the need to bring on board as more women as possible. ‘We want to see more women, who can do some aspects in construction better than men like painting.
Prof. Moses Musinguzi, the Principal of the College of Engineering, Design, Art and Technology while welcoming the trainees to the college said the training is a good initiative that will help address challenge of skill and work match. He encouraged the trainees to do smart work, and take due consideration of ethics and customer care. He encouraged the department to extend the training opportunity to other units of the college and the university and also make it more formal, as part and parcel of the training program of the college in liaison with bodies like UBTEB.
Assoc. Prof. Kizito Maria Kasule, the Deputy Principal CEDAT while appreciating the initiative of the department said countries like Germany have apprenticeship training that help the training of students to gain skills equivalent to those acquired while in formal institutions of learning. He said the academia in Uganda is increasingly recognizing the importance of the informal sector in the growth of the country. ‘We need to learn from you. Almost 90% of the people in the construction industry have been informally trained’. He said by learning from each other, the two sectors jointly make a contribution towards the development of the country.
Dr. Amin Tamale Kiggundu, the head of the Department of Architecture and Physical Planning said the initiative, a community outreach program of the college started three years ago in the year 2022 with 60 Fundis and masons, in 2023, the number was increased to 120 Fundis and the current 2024, was 200 Fundis of various categories, including painters, builders, metal fabricators, plumbers and electrical fabricators. He said this community outreach program aims at sharing the accumulated scientific knowledge in building, design and construction technologies at CEDAT, sharing the expertise, knowledge and experiences with communities in greater Kampala and hence bridging the existing knowledge and skills gap between the training institutions and the communities.
The 21st century is characterized by collaboration, partnerships, and establishment of knowledge economies. He said based on the trainings held so far, it is clear that partnerships between the training institutions and the communities were possible especially the Fundis who are closer to the communities. ‘We also want to learn from the Fundi’s experiences, how they are able to connect to the communities in some cases better than those who have gone through the training institutions’, he said. He further noted that the majority of fundis are young people that need to be supported with skills and other ways of nurturing them. The dream of the department, he said is to introduce an open door policy that allows fundis and other university students to come to learn.
Several organizations supported the event and participated in the exhibition and they included Habitat for Humanity, Uganda, Green Building Council Uganda, The National Building Board, Uganda Clays Limited, Centenary Bank, Steel and Tube Industries Ltd, Simba Cement, Plascon, Goodwill, Cresttanks among others.
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