{"id":10603,"date":"2021-05-19T17:24:42","date_gmt":"2021-05-19T17:24:42","guid":{"rendered":"https:\/\/www.africa-press.net\/uganda\/?p=10603"},"modified":"2021-05-19T17:01:10","modified_gmt":"2021-05-19T17:01:10","slug":"pension-sector-posts-rise-in-withdrawals-amid-falling-income","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income","title":{"rendered":"Pension sector posts rise in withdrawals amid falling income"},"content":{"rendered":"

Africa-Press<\/a> – Uganda<\/a>. <\/strong><\/span>The pension sector suffered relapsed growth during March 2021 with contributory schemes registering an increase in withdrawals and a reduction in contributions.<\/p>\n

This, according to a policy brief authored by the Ministry of Finance for the period ended March meant that pension schemes posted a reduction in investment income amid an increase in withdrawal of benefits.<\/p>\n

For instance, according to data from Uganda Retirement Benefits Regulatory Authority (URBRA) during the period, National Social Security Fund (NSSF), experienced a significant increase in withdrawal of benefits payments and a reduction in assets held by umbrella schemes.<\/p>\n

During the period ended March 31, according to NSSF\u2019s financial results, a total of Shs558b was paid out in benefits compared to Shs430.5b in the same period ended March 2020, which represented a 29.6 per cent growth. Of Shs558b, 98 per cent was paid to living members while 2 per cent was paid out as survivor benefits.<\/p>\n

During the period under review, the Fund registered a decline in income, which fell to Shs31.1b compared to Shs35.2b in March 2020.<\/p>\n

According to URBRA, assets of umbrella schemes, which play a key role in the performance of the pension sector, registered a 0.6 per cent decline due to a significant growth in outflows that exceeded growth in both investment income and contributions.<\/p>\n

URBRA noted that more than Shs20b was withdrawn during February to March. During March, the Ministry of Finance noted a sharp increase in new business registrations from 1,614 in January to 5,073 in March 2021.<\/p>\n

The increase was attributed to a return in investor confidence with the Uganda Securities Exchange recording an upward movement in All Share Index from 1,314 in January to 1,390.6 in March.<\/p>\n

The Ministry also noted a reduction in the trade balance deficit, which reduced by 10 per cent from $196.8m in January to $178.1m in February due to a 9 per cent increase in exports from $410.4m in January to $447.1m in February.<\/p>\n

During the period, micro economic growth noted a deeper growth in the telecommunications sector with more than 50 per cent of the Ugandans owning a mobile phone.<\/p>\n

Mobile phone subscriptions posted a year-on-year growth of 4 per cent, occasioned by the recovery of the economy compared to the pre-Covid-19 period.<\/p>\n

Internet subscriptions also rose in the same period to 21.4 million subscribers, posting an Internet penetration rate of 66.78 per cent in December 2020.<\/p>\n

Broadband traffic grew by 11 per cent on a quarter-to-quarter (from 59 billion MBs in September 2020 to 71.5 billion MBs recorded in December 2020).<\/p>\n

The report also noted an increase in domestic voice traffic to 5.2 billion minutes in December 2020.<\/p>\n

Benefits paid<\/b><\/p>\n

During the period ended March 31, according to NSSF\u2019s financial results, a total of Shs558b was paid out in benefits compared to Shs430.5b in the same period ended March 2020, which represented a 29.6 per cent growth.Of Shs558b, 98 per cent was paid to living members while 2 per cent was paid out as survivor benefits.<\/p>\n

editorial@ug.nationmedia.com<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Uganda. The pension sector suffered relapsed growth during March 2021 with contributory schemes registering an increase in withdrawals and a reduction in contributions. This, according to a policy brief authored by the Ministry of Finance for the period ended March meant that pension schemes posted a reduction in investment income amid an increase […]<\/p>\n","protected":false},"author":84,"featured_media":10602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[233,240,234],"class_list":["post-10603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-uganda","tag-uganda"],"yoast_head":"\nPension sector posts rise in withdrawals amid falling income - Uganda<\/title>\n<meta name=\"description\" content=\"The pension sector suffered relapsed growth during March 2021 with contributory schemes registering an increase in withd ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension sector posts rise in withdrawals amid falling income\" \/>\n<meta property=\"og:description\" content=\"The pension sector suffered relapsed growth during March 2021 with contributory schemes registering an increase in withd ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income\" \/>\n<meta property=\"og:site_name\" content=\"Uganda\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-19T17:24:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/05\/img-60a5442bc2fb1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Pension sector posts rise in withdrawals amid falling income\",\"datePublished\":\"2021-05-19T17:24:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income\"},\"wordCount\":492,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/uganda\/sites\/34\/2021\/05\/img-60a5442bc2fb1.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Uganda\",\"uganda\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income\",\"url\":\"https:\/\/www.africa-press.net\/uganda\/all-news\/pension-sector-posts-rise-in-withdrawals-amid-falling-income\",\"name\":\"Pension sector posts rise in withdrawals amid falling income - 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