Government is committed to offering effective regulation of the Pensions Sector so as to reap benefits of a liberalized sector, Finance, Planning and Economic Development Minister Hon. Maria Kiwanuka has said.
Kiwanuka made the remarkes while officiating at the launch of the East and Central Africa Social Security Association (ECASSA) Policy Makers conference at Kampala Serena Hotel today.
The Minister, under whose docket social security and pensions sector falls, said that Government is also mindful of the risks associated with liberalisation.
"While we are looking at a functioning liberalised sector, we are also mindful and managing the challenges to avert the risks. I have noted that you will also discuss the importance of ensuring adequate regulation of the liberalized Social Security Industry. This is an area that has already attracted a big interest and debate in Uganda," she said.
She added that Uganda recently passed a law to enable the country start on the path Tanzania, Kenya and Zambia have already taken.
" I believe there’s a lot to learn from you particularly as regards sharing some challenges and success stories on what effective regulation can do in this industry," she said.
The Ugandan parliament last year passed the Retirement Benefits Regulatory Act that set up a regulator to oversee the industry.
However, many industry players, workers unions and experts have criticised the law, saying that is ignored some key tenets of social security.
Another bill that will liberalise the sector and break NSSF's monopoly is currently before Cabinet for discussion.
Kiwanuka said that the Government supports the initiaives of ECASSA and will involve the body in the ongoing efforts to reform the sector. |
