Cooperatives & Communities

Form SACCOS for peaceful retirement-university professor urges civil servants

KWANIA– Civil servants in Uganda can enhance their financial security if they form their own SACCOS that can help them while in retirement, according to Ojuka Onedo, a professor of Accounting and Finance at University of Papua New Guinea.

Prof. Onedo who also lectured at the University of Switzerland and Makerere University said it was important for civil servants to have their own SACCOS specifically to serve them during retirement.

Speaking on Wednesday during the induction training of Kwania district civil servants at the district headquarters, Prof. Onedo said Kwania has a good number of civil servants who can form a big SACCO and this he said, could be replicated across all government agencies.

“In the modern world, SACCOS have remained as the sole means through which people get financial empowerment and I want to call upon civil servants in Kwania district to think of joining hands and having their own SACCO because, through SACCOS, you can do a lot of things,” said Onedo.

Onedo cautioned civil servants against living luxurious lives, saying that the money used on luxuries can be saved to cater for their retirement.

“I have seen so many people who retire receive golden packages and certainly they think that they are multi-millionaires and they spend all their money and become zeronaires. If you keep saving regularly, over time, you will retire with a substantial amount of money in your hands,” he added.

The induction workshop was aimed at building the capacity of the civil servants to improve service delivery in the community. Kwania district chairman Geoffrey Alex Ogwal Adyebo hailed Prof. Onedo for his advice.

Ogwal said that many civil servants spend a lot of money compared to what they earn, warning this would affect their wellbeing after retirement.

“I am a son to a primary school teacher, and I am a teacher by profession although I stopped practicing because of the meager pay that could not sustain my family. I have witnessed a number of civil servants turning into beggars after retirement. This is due to the poor saving culture,” he said, adding that Onedo’s advice of civil servants forming a SACCO is an eye opener.

Ogwal further tasked civil servants to go for further studies.

“Also I want to request you to go for further studies; this is another way of investment. Education is a long-term investment that will secure your job and help you improve your performance at work,” he added.

Benard Apollo Opollot, the chief administrative officer of Kwania said that the matter of staff forming a SACCO would be taken up seriously. “I will sit with my commercial officer and the human resource and see how the Staff SACCO can be formed. This, I believe will not only help us save but also address our financial needs that may arise,” he said.

Kwania district was curved from Apac district in 2018, the district that became operational in July 2019 has about 1,500 staff, according to data from the human resource department. Although the number of professional employees has increased consistently over the period, the district has only teachers’ SACCOS.

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