The workers' MPs now join the Minister for Public Service, Muruli Mukasa and his ministry technocrats in opposing the Bill
Workers' MPs have opposed the liberalization of the pension sector proposed in the Retirement Benefits Sector Liberalization Bill arguing it would risk people's savings in the hands of private investors.
Appearing before the Parliament Committee on Finance yesterday, the workers’ MPs who included Arinaitwe Rwakajara, Margret Rwabushaija, Agnes Kunihira and Sam Lyomoki argued that liberalization of the pension sector has failed in many countries.
Citing clause 2 of the Bill on sharing profits or losses from any investments by the scheme, Rwakajara said, “You see. This is the danger we are talking about. A private scheme can easily defraud members claiming it made losses and even when it makes profits, there is a possibility of failing to declare the profits.”
The workers' representatives want the Finance Ministry to withdraw the Bill and replace with a Bill amending the NSSF Act to pave way for reforms which will enable members to be served better.
The workers' MPs now join the Minister for Public Service, Muruli Mukasa and his ministry technocrats who over similar reasons about two weeks ago called for the withdrawal of the Bill.