By UBC Reporter
Representatives of several trade unions plan to demonstrate during this year’s Labour Day celebrations to protest proposals to liberalise the pension sector.
Those against the proposed reforms are from Uganda National Teachers Union, Uganda Railway Workers Union, Uganda Medical Workers Union, Uganda Nurses and Midwives Union, Uganda Local Government Workers’ Union, Uganda Electricity and Allied Workers’ Union among others.
The trade union representatives announced their plans this morning while appearing before the Parliamentary Finance Committee, which is discussing the Retirement Benefits Sector Liberalisation Bill 2011.
The bill seeks to open up the pension sector that will consequently end the monopoly of the National Social Security Fund (NSSF).
In a joint statement, Christopher Werikhe, the Secretary General National Organisation of Trade Unions (NOTU), said that early access to savings will reduce savings and worsen the potential for destitution for retirees.
Henry Musasizi, the Finance Committee chairperson noted that the mid-term access of one’s benefits does not mean withdrawal of funds but it is aimed at using benefits as security on acquisition of mortgage.