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“Start investment early and live a happy retirement”. These were Mr.Ocici Charles’ words of enthusiasm as he introduced a guideline on how to save and invest for retirement.
The executive director, Enterprise Uganda, says majority of government workers reach retirement without a proper source of income to sustain their lives after leaving their current jobs.
While presenting a paper on enterprise development and retirement planning to the staff of the Local Government Finance Commission on Tuesday, the director said the attitude and character one cultivates while in full time employment determines who they will become after their jobs.
He says majority of the government employees perform their duties without a work plan for their retirement leading to their misery when they no longer receive monthly salary.
“Of 100 new 25-year staff, 1 will be wealthy by the age of 65, 4 financially independent, 5 still in employment, 54 will be bankrupt and less than 2% of former employees become financially independent on retirement,” he said.
Ocici adds that through proper planning and saving, an employee may not suffer financially after departure from work. He said that planning early will help one maintain their financial lifestyle even after them leaving their jobs.
Ocici called upon the staff to use their savings and embrace the culture of investing because it will aid them in their life after work.
“Have a budget and do the figures right. 30% of your salary should be dedicated to saving and 10% to tithe, 10% for emergencies while 50% should cater for regular responsibilities,” he guided.
The director however attributed less investment to people following public opinion. He said that many people depend on what others say to make decisions on what to invest in, which most times discourages them to start investing.
The Vice Chairperson of the Commission, Mrs. Sarah Nambasa Mukasa, encouraged the staff to put the director’s words into action and start devoting themselves to developing capital.

Annual Report 2014-2015