Uganda's pension sector grows
Uganda's pension sector has registered a 10% increase in total assets in the last one year,reaching an unprecedented shs22 trillion.
The growth in sector assets was mainly as a result of increased net contributions valued at shs700 billion and income generated from investments valued at shs1.3 trillion.
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Further more the growth was recorded in the number of people saving for retirement,which rose from 3,015,807 in 2022 to 3,142,311 in 2023 representing 15% coverage of Uganda's total working population.
Amos Lugolobi, the minister of state for planning, notes that currently the retirement savings account for 60% of Uganda's Gross domestic savings and 11.5% of the Gross domestic product.
"The retirement benefits schemes contributed to the economic growth through payment of taxes amounting to UGX 235 billion to the government in taxes in 2023 up from shs227 billion in 2022," Lugolobi added.
Lugolobi said this while at media centre today while releasing the sector's 2023 annual performance report,published by the Uganda Retirement Benefits Regulatory Authority (URBRA).
