Speaker Kadaga honoured for promoting MPs and staff welfare

Kampala, Uganda | THE INDEPENDENT | The Speaker of Parliament Rebecca Kadaga has been recognized and honored by the Parliamentary Pension Scheme for her support and commitment to the organization.

The speaker was recognized by the board of trustees of the scheme in a speech read by the board’s representative Solomon Kirunda.

This was during the 9th Annual General Meeting of the Pension Scheme held at Parliament on Friday.

In his citation, Kirunda lauded Kadaga for a number of interventions and contributions including her support to the 2011 progressive amendments to the Parliamentary Pensions Act that led to the transfer of the payment of debt gratuity from the scheme to the parliamentary commission and her support to the 2014 amendments which permitted the active membership to borrow which relieved members from the stress of high interest rates in the banks.

He also highlighted her commitment to provide a subvention in the budget support to the scheme resulting in low cost charges on the member’s fund.

According to the annual report for the year end June 30th 2020, the scheme currently has 989 members with member contributions totaling to 37,679,215,252 Shillings.

The total net assets of the fund grew from 257.2 billion Shillings  in 2019 to 313.6 billion Shillings in 2020, this growth in net assets includes investments which increased from 199.9 billion Shillings to 256.9 billion Shillings. This resulted into income from investments increasing from Shillings 19.9 billion Shillings to 29.5 billion Shillings in the same period.

Kadaga warned first time Members of Parliament who are yet to be sworn in against falling prey to enticements by banks to borrow money.

Kadaga observed that the custom for banks at the start of every fresh term of parliament is to send loan officers to encourage new entrants to the legislature to borrow huge sums of money against their salaries.

She said it was unfortunate that there are still some MPs who get nothing on their paychecks with the banks claiming all their pay to recover loans.

Also honoured was the clerk to Parliament Jane Kibirige.

Kirunda described her dedication and commitment as a vital link that serves the operations of the scheme.

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