THE National Organisation of Trade Unions (NOTU) and Central Organisation of Free Trade Unions have expressed fear over the possibility of workers losing their pension to new players in the sector.
Usher Owere, the NOTU chairman, argued that some players may get licensed to operate retirement schemes, while their intention was to steal workers funds.
â€œWorkers will move from one scheme to another depending on satisfaction with the â€˜productsâ€™ offered by the different and competing providers,â€ Owere said.
â€œSome of them might even announce themselves bankrupt within a short period so that they can embezzle our money,â€ he explained.
Owere made the remarks during a press conference at Ministers Village Hotel in Ntinda, Kampala.
He asked the Government to ensure that the Bill provides adequate safety measures to institutions that will hold workersâ€™ money.
â€œThe workers want the security of their income to become the primary reason of the Bill. It should be adjusted to reflect that,â€ Owere said.
He wants the Bill to ensure that workersâ€™ benefits are easily accessible with a known formula and transferable at all times.
The Bill seeks to set up a Retirement Benefits Authority whose duty would be to license, regulate and supervise private and government-owned retirement benefit schemes.
Workers MP Dr. Sam Lyomoki said workers were worried by the way the Bill was being rushed by the finance ministry, adding that some people may want to misappropriate workers money.
Lyomoki added that the portability of the retirement benefits within the East African Community should also be built in the Bill before the East African Common Market Protocol becomes operational in July.
Retirement Bill worries workers, trade unions