The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | The Managing Director of National Social Security Fund (NSSF), Richard Byarugaba, has urged employees to save for their future retirement. He said statistics in the East African region show that Uganda has one of the least saving culture which is not good for the economy.
He said that Ugandans save less than 10% of their income because they consume 90% of it. Even the 10% is forced saving, Byarugaba said. Responding to an argument that Ugandans earn little which is why they don’t save enough, he said, failure to save is a mentality issue.
“Regardless of how much you earn, you can set your priorities and stop spending on things that don’t make returns,” he said, adding members of NSSF should look at the money they save as a long term investment. “When you decide to save you should save for the short term, save for the medium term and also for the long term,” he added. Byarugaba said the Fund has grown to constitute 10% of the GDP of Uganda with its assets currently noted at over Shs 8 trillion.
Byarugaba was recently addressing the Western employers at a meeting in Kabarole district (Western Uganda).
