The National Social Security Fund (NSSF) Board Chairman Dr. Peter Kimbowa has asked Members of Parliament to embrace creation of alternative sources of income and ensure proper monetary discipline measures if they are to become financially independent.
“The new poor are the immediate former MPs who didn’t plan well, in a bid to have financial independence, you must have a source of income that can deliver up to 80% of your Parliament salary,” he stated.
Dr. Kimbowa was speaking during the closure of a three-day orientation workshop for 11th Parliament MPs at Imperial Royale Hotel, in Kampala on June 17th, 2022.
“You need to have a reserve fund of about 8 months of your emoluments at Parliament.”
He said many people have failed to progress because of factors such as investing in liabilities instead of assets, believing that they can save their way to wealth, high debt burden, cultural black mail and dependency ratio among others.
On investment areas with high returns, he cited treasury bonds and bills, corporate bonds, unit trusts, shares/ stocks and offshore investments.
Meanwhile Prime Minister Robinah Nabbanja said MPs must take lead in fighting poverty among households through embracing the Parish Development Model which seeks to move 39% of Ugandans to money economy.
“Colleagues, as MPs lets support Parish Development Model irrespective of our political affiliation. The Parish Development Model was given a lot of money and therefore let’s monitor and ensure that the money is put to proper use, that is improving the livelihoods of our people.”
Nabbanja added: “Once our people have improved in terms of livelihood, the pressure we all have as MPs to meet their personal needs will reduce. If people have money, they will instead contribute to you, so we have no choice but to use the media and platforms to explain the critical importance of this game changer (Parish Development Model).”