By Felix Osike
PARLIAMENT is to start its own pension scheme to cater for MPs who leave the House
Oyam North MP Ben Wacha yesterday moved a motion seeking to introduce a private members Bill to establish the scheme. The scheme is to consist of all MPs including ex-officio members. It excludes any member who is elevated to vice-president.
“Pension shall be paid to an MP who retires or leaves service on or after the attainment of 45 years, if he or she has served as an MP for a continuous period of 10 years or more,” reads the draft Bill.
A member who retires or ceases to be a Member of Parliament and whose age is less than 45 years shall be entitled to a refund of the contribution paid by him and interest.
All the members of the current Parliament shall be deemed to have joined the scheme.
Contribution to the scheme shall be by deduction from member’s emoluments. Government contribution to the scheme is calculated at a certain percentage.
Contribution deducted from the member’s emoluments and government contribution shall be paid into the Provident Fund to be kept with Bank of Uganda.
The Parliamentary Management Committee, chaired by the Speaker, will manage the scheme.
Ends