Covid-19 slashes pension contributions to Shs353b
Wednesday December 30 2020
Summary
Contributions continued on a downward trend with a 10.2 per cent drop from Shs394 billion in June to Shs353 billion in September.
Advertisement
Experts say the country is yet to know the full extent of the economic impact of Covid-19.
The retirement benefits sector has equally suffered the effects of the pandemic, but the regulator says many schemes have so far weathered the storm.
Mr Martin Nsubuga, chief executive officer at Uganda Retirement Benefits Regulatory Authority (URBRA), says the sector remained stable, performing relatively well in investment.
He explains that assets under management of the total retirement sector portfolio have grown by 8.5 per cent from Shs14.56 trillion in March 2020 to Shs15.8 trillion in September 2020.