MUBS Council, Managemnt and the Board of Trutees during the RBS Celebrations

The MUBS RBS Fund value grew from UGX 9 billion at the start of Financial Year 2021/2022 to UGX 12billion as at 30th June 2023. This growth is attributed to new members.

The MUBS Retirements Benefits Scheme (MUBS RBS) on November 8, 2023 declared an interest of 8% on members’ balances for the financial year ended June 30, 2023.
The declaration was made at theMUBS RBS 10th Annual General Meeting (AGM) held on Thursday 8, November 2023 in the ADB Lecture theatre 1 Auditorium, at MUBS Main Campus, Nakawa.
The MUBS RBS Fund value grew from UGX 9billion at the start of Financial Year 2021/2022 to UGX 12billion as at 30th June 2023. This growth is attributed to new members. The interest has grown from 6.2% for financial 2021/2022 to 8%, financial 2022/2023.
The MUBS RBS Performance for Financial Year 2022/2023 declaration and presentation came at the time when the scheme was celebrating 10 years of existence and officially rolling out the RBS’s five year strategic plan.
The presentation was attended by the Chairperson of Council, Eng. Mubarak Isaac Ngobya, Ag. Principal Prof. Moses Muhwezi, the RBS Representative to Council Mr. Edward Kiwanuka, School Secretary, Mr. Francis Yosa, Mr. Darius Niwaha Representative of the service provider,Octagon Uganda, A representative from Standard Chartered Bank, Ms. Roseline Ochola and Britam Assets Managers was represented by Ms. Enid Busingye and Mr. Ronald Kasolo.
During the year, the Scheme received three representatives from the different constituncies to replace those whose tenure had elapsed and due to other changes. The changes involved the promotion of Mr. Disio Abiriga from Support Staff to Administrative staff and he was replaced by Mr. Geoffrey Mwandha as a Support Staff Representative. Ms. Flavia Mirembe representing the Administrative Staff, she replaces Mr. Fredrick Rwakyaka and Mr. Edward Kiwanuka Council Representative, who replaced Ms. Shifra Lukwago following her appointment as Commissioner at Uganda Human Rights Commission.
In a special way, the Trustees recognized and appreciated the contribution of Council Chairman Eng. Mubarak Isaac Ngobya and Prof. Moses Muhwezi, the Ag. Principal for their support and guidance. In addition, presenting the 2022/2023 performance the Chairperson, Mr. Joseph Mukasa congratulated the members

MUBS Chairman Council Eng Issac Ngobya receiving a gift from the scheme

He encouraged members to think of retirement as some thing special and prepare for it. The Chairperson nevertheless cautioned that whereas members would wish to be entitled to midterm access of their funds, it has long-term effects on the fund value and return on investment of their cumulative retirement benefits.
Ag. Principal Prof. Moses Muhwezi congratulated the team upon making 10 years of existence. I perceive the Retirement Benefit Scheme is important and encourage staff to remain focused on saving, confident that their retirement benefits are secure. ”If you are doubting the scheme, retirement is a reality, the Ministry of Public Service wrote reminding us that retirement is at 60 years. Therefore retirement must be taken seriously, we can not fight age but can only plan for it. Spend your salary wisely, for the staff who have not worked for 7 years, do not rush to buy a car, it is expensive with fuel and repairs. Saving is not an issue of how much you earn, it is commitment, however little you earn, take a decision to at least save Ugx.2000 by 20 years you will be rich.
Saving is very difficult to most people who earn little money, but as people who teach business, we should be different and save.
We thank Government for enhancing our salaries, however there are staff still on Person To Holder (PTH) salary. This has been a challenge for many years, but we are determined to deal with it.
He said the School used to contribute 5% to the scheme, but it stopped due to some challenges, however, after receiving a request from RBS trustees and benchmarked with other Universities like Kyambogo who contributes 5%, Makerere 5%, Mbarara 8%, Busitema 8%, Management will brief Council and propose a contribution of 2% which is already in the budget.
Meanwhile the Chairman Council
Eng. Mubarak Isaac Ngobya extended his heart felt gratitude to the staff for the deduction, hard work, and commitment they give to the Institution, it is your effort that has brought this remarkable moment of success. The objective of this scheme was to help the employees accumulate savings and investments to supplement security benefit to enhance their financial security during the retirement years. 60 years is not far for those who think they are still young better work for it and prepare for it, it is not easy, this is the time people fall sick on all types of sickness come in, and you have relatives that you have to look after.
He thanked the contributors and said that retirement basic scheme stands as the testimony to the core value of care, passion, support to the employees, it reflects the commitment to fostering the culture, positivity where every member of MUBS is valued and there well being is prioritized.