For Employers: Pension and Work, Pension and Wages, Pension and Salaries, Pension and Labour Laws in Uganda
What is pension?
It is a fixed sum paid regularly to a person, usually following a retirement from service.
What are the various types of pension plans?
There are mainly two pension plans and they include: defined benefit or DB and defined contribution or DC.
- Defined benefits are pension plans that pay an employee for life. This is the case with public service in Uganda.
- Defined contributions are pension plans that have no guarantee of a paycheck for life. An employee only gets back what himself or herself and his or her employer contributed plus accrued interest.