Lawyers, Insurance companies, Human Resource Managers, Insurance Brokers and the Actuarial Association of Uganda have opposed a move by Ministry of Finance to withdraw the Pension Reform Retirement Benefits Sector Liberation Bill 2011 from Parliament, saying that the reforms will increase domestic savings and enhance investments.
Addressing a press conference this week in Kampala, the managers of these organizations led by Gimara Francis, President Uganda Law Society, say that the ministry should allow reforms in the pension sector so that workers can save their money with the scheme of their choice.
He wonders the motive behind with drawing of the bill yet the committee of finance has gathered sufficient views to make a report to Parliament.
The bill seeks to leave 19% savings with National Social Security Fund and the 5%savings will go to other private players.
The same bill was withdrawn from Parliament in 2014 by Government on claims that it had duplicated issues in the disputed law.