Experts Workhard to push for Extensive Strategies to increase Pension in Africa. Uganda has hosted the 4th annual Africa Pension Supervisors Association conference in Kampala, with the focus on extending pension coverage to informal sector workers. This has been held under the theme “sustainable pension inclusion in Africa” in a 2-day event.
Senior government officials, regulators, financial inclusion stakeholders, pension funds, insurers, and thought leaders from Africa, Asia, Latin America, and Europe are deliberating on models and strategies to deliver pension, savings, and insurance solutions to the informal sector.
Experts Workhard to push for Extensive Strategies to increase Pension in Africa.
According to the Chief Guest, the Minister of State for Planning and Economic development, Hon Amos Lugolobi, it is crucial that efforts on awareness creation, training and educating the public on pension and the purpose of saving be emphasized.
“It is very important that we make the language simple, reach out to the informal sector as well as the policy makers, otherwise these policies we want to advance may not see the light of day,” he cautioned.
According to records, in Uganda out of the 20 million working population, only 3 million are saving for retirement implying that the rest are at a risk of retiring into extreme poverty.
The Minister of State for Planning and Economic development, Hon Amos Lugolobi addressing the audience
UBRA Chief Executive Officer Martin Nsubuga notes, “these people are unique in a way that they will not be forced to save, they need their convenience and not being dictated upon on how much to save, and they do not want to move away from where they work , so you need a unique frame work for them so as to begin saving.”
Sundeep Raichura, Group Chief Executive Officer Zamara expresses concern that in the next 20-25 years, there will be about 225 million people above the age of 60 without pension out of the 600 strong population of Africa, if the current trend is not addressed.
“We should be saying we do not have a pensions system, with the exception of 10% of our population. Then we can see the weight of the challenge, and come out with home grown solutions,”
The event has climaxed with the launch of the APSA Website and the Micro Pension Book launch.
The 4th Annual APSA Conference is supported by FSD Africa, and PinBox Solutions, as well as Prudential Assurance Uganda and Sanlam Investments East Africa.
