Finance Minister Henry Musasizi has asked the Uganda Retirement Benefits Regulatory Authority (URBRA) to ensure the successful implementation and regulation of the new Public Service Pension Scheme to strengthen the country’s retirement benefits sector.
Musasizi said Uganda’s pension industry, which holds assets worth about Shs36 trillion, should work with government to use the funds as long-term capital to support the Tenfold Growth Strategy.
He said retirement savings must be properly managed and invested in productive sectors to support economic expansion and create opportunities.
The minister also urged URBRA to continue engaging stakeholders and encourage more Ugandans to embrace voluntary retirement savings.
Musasizi made the remarks during a meeting with URBRA’s board and management at the Ministry of Finance. The delegation was led by board chairman Henry Balwanyi Magino and chief executive officer Martin Anthony Nsubuga.
Balwanyi said URBRA’s new Strategic Plan for 2025/26 to 2029/30 focuses on “Harnessing Retirement Savings for Sustainable Socio-economic Transformation”.
He said expanding domestic savings will be critical to achieving the Tenfold Growth Strategy, with retirement funds expected to play a major role in financing Uganda’s future development.
“Every shilling saved for retirement is not only securing the future of a Ugandan worker-it is also building the capital that finances Uganda’s future,” Balwanyi said.
He added that a stronger pension sector would boost domestic savings, deepen capital markets, increase investment, create jobs and accelerate economic growth.
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