Kadaga was lauded for a number of interventions and contributions including her support to the 2011 progressive amendments to the parliamentary pensions act and her support to the 2014 amendments which relieved members from the stress of high interest rates in the banks.
The speaker of Parliament Rebecca Kadaga has been recognized
and honored by the Parliamentary Pension Scheme of Parliament for her support and
commitment to the organization.
The speaker was recognized by the board of trustees of the
scheme in a speech read by the board’s representative Solomon Kirunda.
This was during the 9th Annual General Meeting of
the Pension Scheme held at Parliament on Friday.
In his citation Kirunda lauded Kadaga for a number of
interventions and contributions including her support to the 2011 progressive amendments
to the parliamentary pensions act that led to the transfer of the payment of
debt gratuity from the scheme to the parliamentary commission and her support
to the 2014 amendments which permitted the active membership to borrow which
relieved members from the stress of high interest rates in the banks.
He also highlighted her commitment to provide a subvention
in the budget support to the scheme resulting in low cost charges on the member’s
fund.
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According to the annual report for the year ended June 30th
2020 the scheme currently has 989 members with member contributions totaling to 37,679,215,252 Shillings.
The total net assets of the fund grew from 257.2billion Shillings in 2019 to 313.6billion Shillings in 2020, this growth in net assets includes investments
which increased from 199.9billion Shillings to 256.9billion Shillings. This resulted into income
from investments increasing from Shillings 19.9billion Shillings to 29.5billion Shillings in the same period.
Kadaga warned first time Members of Parliament who are yet
to be sworn in against falling prey to enticements by banks to borrow money.
Kadaga observed that the custom for banks at the start of every
fresh term of parliament is to send loan officers to encourage new entrants to
the legislature to borrow huge sums of money against their salaries.
She said it was unfortunate that there are still some MPs
who get nothing on their paychecks with the banks claiming all their pay to
recover loans.
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Also honoured was the clerk to Parliament Jane Kibirige.
Kirunda described her dedication and commitment as a vital
link that serves the operations of the scheme.
