Employees in Bunyoro urged to embrace saving culture to prepare for old age
HOIMA, March 16, 2026 — The National Social Security Fund [ NSSF ] Chief Commercial Officer, Geoffrey Waswa Sajjabi, has urged employees in the formal sector in the Bunyoro Subregion to embrace a culture of saving as a key way of preparing for old age.
Speaking during the Mid-Western Employer Engagement Meeting held in Hoima City on Friday, Sajjabi said many people work hard but invest their earnings in non-profitable ventures such as cars, weddings and parties, while neglecting to save for their future.
He added that many Ugandans fail to save because they assume their children will support them in old age, only to end up disappointed.
Sajjabi emphasised the need for workers to begin saving early in life, before taking on major financial responsibilities, so they can invest for the future and secure their retirement.
“Some of us do not save on the excuse that we are earning little. I want to tell you that you can start saving with Shs 10,000. Someone who starts saving Shs 10,000 every month at the age of 20 is better than someone who begins saving Shs 500,000 at the age of 50,” he said.
He noted that many retirees struggle financially and some fail to live comfortably five years after retirement due to lack of financial support, coupled with responsibilities and health challenges.
To address these challenges, Sajjabi urged workers to develop a strong saving culture and invest in ventures that can grow their wealth, such as real estate, government bonds and livestock farming.
He also warned individuals approaching retirement against taking on long-term mortgages, noting that such financial commitments can weaken their financial stability.
Sajjabi further advised NSSF members to carefully plan how they will use their retirement benefits, warning that many retirees withdraw all their savings and invest in non-profitable ventures, only to fall into poverty within two or three years.
He advised retirees to avoid investments that require constant supervision and may cause stress, such as running schools, shops or managing rental properties. Instead, he encouraged them to consider options such as government bonds, which can generate steady income.
“Don’t withdraw money when you don’t have a solid plan. The mistake we make is that sometimes we withdraw money because we want to use it but have no clear plan on how the money will be utilised,” he said.
Addressing the same meeting, the NSSF Managing Director, Patrick Ayota, decried increasing non-compliance among employers and urged employees to report such cases to help the Fund tackle the vice.
He revealed that 60 percent of employers nationwide are compliant with NSSF regulations, while 40 percent remain non-compliant.
“In general, compliance with us is a strict measure. Compliance means paying the full amount on time, by the 15th day of the following month. When you miss that deadline, you are not compliant,” Ayota explained.
During the meeting, it was revealed that some security organisations, construction companies and plantation firms are among the entities that often fail to comply with the NSSF regulations that require employers to remit employees’ savings.
Ayota said the Fund has largely depended on the formal sector but is now expanding its focus to the informal sector in order to increase the number of members saving with NSSF.
He noted that the Fund aims to grow its assets to Shs 50 trillion by 2035, a target that cannot be achieved by relying solely on the formal sector.
According to Ayota, NSSF has introduced several programmes aimed at adding value to the informal sector, including vendors, boda-boda riders, entrepreneurs and farmers, to help them grow their incomes and begin saving with the Fund.
“We are very concerned that for somebody to save with us, we need to bring them value. That is why you are seeing us supporting entrepreneurs with seed capital, linking farmers to markets, and working with boda-boda riders. We are doing all this to bring them on board,” he said.
He also noted that the Fund introduced the SmartLife Flexi product, which allows individuals to save voluntarily. So far, Shs 80 billion has been saved under the initiative in just 10 months.
Ayota said the Fund has registered significant growth, projecting collections of Shs 2.1 trillion in the 2024–2025 financial year and Shs 2.4 trillion in 2025–2026.
He added that the Fund’s balance sheet stood at Shs 26 trillion in June 2025 and had grown to Shs 29.5 trillion by February 2026, representing an increase of Shs 3.5 trillion.
The amended NSSF Act of 2022 requires all employers to remit employees’ contributions to the Fund regardless of the number of workers they employ.
During the meeting, NSSF also recognised 15 companies for their compliance with the regulations. Among those awarded were Kolping Hotel, St Jude Nursery and Primary School, and EnviroServ Hoima.
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