Pension reforms overdue
Dec 18, 2005
GOVERNEMENT owes over $170m (sh309b) in pensions to retired civil servants, a key indicator that reforms in the scheme are long overdue, a senior pension commissioner in the ministry of public service, said recently.
By Vision Reporter
GOVERNEMENT owes over $170m (sh309b) in pensions to retired civil servants, a key indicator that reforms in the scheme are long overdue, a senior pension commissioner in the ministry of public service, said recently.
Stephen Kiwanuka-Kunsa, said reforms in the public service pension scheme would move ahead of the proposed changes in the entire pension sector.
“There is a case to move on these pension scheme reforms before pension sector reforms, and we already have a draft bill. We have set July 1, 2007 as the implementation date,†he said.
Kiwanuka-Kunsa was addressing a seminar on “Pension sector reform: Its impact on capital markets development†organised by Capital Markets Authority in Kampala.
“The existing liabilities by the Government are a key driver of the reforms. The new fund should not be saddled with liabilities but they should remain a liability of the Government,†he said.
GOVERNEMENT owes over $170m (sh309b) in pensions to retired civil servants, a key indicator that reforms in the scheme are long overdue, a senior pension commissioner in the ministry of public service, said recently.
Stephen Kiwanuka-Kunsa, said reforms in the public service pension scheme would move ahead of the proposed changes in the entire pension sector.
“There is a case to move on these pension scheme reforms before pension sector reforms, and we already have a draft bill. We have set July 1, 2007 as the implementation date,†he said.
Kiwanuka-Kunsa was addressing a seminar on “Pension sector reform: Its impact on capital markets development†organised by Capital Markets Authority in Kampala.
“The existing liabilities by the Government are a key driver of the reforms. The new fund should not be saddled with liabilities but they should remain a liability of the Government,†he said.