Newslex Point News in Uganda, Uganda news
However, most of these people feed hand-to-mouth (‘’mere ya leero’’) that at the end of the day, there is very little left to save for the future.
This category is affected so much in old age and currently, a few of them depend on the government for cash handouts.
News of relief, however, comes as the government is proposing to set up a new pension scheme. This scheme majorly targets people working in the informal sector.
Under the proposed Uganda National Micro-pension Scheme, members will decide how much they will want to save.
According to the plan, individuals will contribute any amount, any time, from as low as shs5000 to millions.
More to that, members will have several platforms through which they can contribute to the scheme. Some of these include the use of mobile money services.
They will also be free to remit contributions to the scheme through SACCOS of financial credit institutions.
The pension scheme will provide a simple, easy, secure, and low-cost way for everyone to voluntarily accumulate micro-savings for their old age.
The Uganda Retirement Benefits Regulatory Authority (URBRA) is developing the idea together with the ministries of labour and finance.
Unlike the current pension schemes that are limited to salaried staff, the proposed scheme targets anybody willing to make contributions.
Check Also;
- NSSF Closes 6 Branches After Losing 100,000 Savers
- Semujju Nganda Advises Government To Open Up Schools And Churches
- Ugandans Express Discontent Towards Government Giving MPs Shs200M Each
Please use the button below to contribute to Newslex Point, Inc. using a credit card or via PayPal.
![[dropcap]A[/dropcap] section of women in Bugongo parish and Nawangaiza parish in Nawandala Sub County, Iganga District have decried the near-impossible terms set for them to access GROW funds. They have now petitioned their woman member of parliament for Iganga Hon. Kauma Sauda Alibaawo to ask the government for revised terms and conditions. This is to enable them to benefit from the program. The disgruntled women accuse the implementers of the program of charging the money. They are also asking for their land titles and land agreements. They said that such properties are governed by their husbands. These, therefore want the government through their woman MP to intervene and revise the requirements for one to benefit. The women were on Wednesday at Namabwere primary school in Nawandala Sub County. They had gathered in their respective groups to receive over 300 chickens from Hon Alibaawo in her campaign to improve the livelihood of women in Iganga district. Each group was given 50 chicken as start-up capital in their journey to prosperity. Read what some leaders said; Ms Naigambi Lydia from Nawandala Trading Centre says, “They solicited money from us through opening bank accounts and depositing Shs80,000. They also asked for land titles and land agreements from us yet we don’t have such things. I was informed that I needed to have a business with a capital of Shs4m yet my capital was very small.” The chairperson Kisoboka Saving Group in Nawandala Ms. Nakagolo Faith said they were not able to join the program. This is given the many conditions attached. She also asked their woman MP to raise their concerns to the relevant offices. The MP condemned the mode of implementation of the program. She cited that it has turned to benefit the well-off class of women other than the intended group. She further asked the government to intervene saying the current strings attached to the programme are very tight to accommodate a common woman. GROW project is a Government of Uganda initiative that arose out of the need to respond to the needs of women entrepreneurs. This is especially those who want to grow their businesses, sustain their self-employment and create more jobs. Check Also; Iganga District NRM Leaders Urge Museveni To Fulfill Election Promises Of 2021 International Women's Day: Celebrating Progress Towards Equality](https://i0.wp.com/newslexpoint.com/wp-content/uploads/2024/11/Iganga-women-decry-tough-terms-to-access-GROW-funds-e1731738339732.jpg?resize=300%2C160&ssl=1)
