Description: Reducing Old Age and Economic Vulnerabilities : Why Uganda Should Improve its Pension System

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Reducing Old Age and Economic Vulnerabilities : Why Uganda Should Improve its Pension System

This is the fourth edition of the Uganda Economic Update series. As with previous editions, this update first provides information related to the current state of the economy before focusing on a particular subject of importance. The special focu...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCOUNTING ALTERNATIVE INVESTMENTS BALANCE OF PAYMENTS BANK RATE BORROWER BORROWING REQUIREMENTS BUSINESS ENVIRONMENT CAPITAL ACCOUNT CAPITAL GAINS CAPITAL INVESTMENTS CAPITAL MARKETS CENTRAL BANK CENTRAL BANKS COMMERCIAL BANK COMMERCIAL BANK CREDIT COMMERCIAL BANKS COMMERCIAL BORROWING COMMERCIAL LENDING COMMODITIES COMMODITY COMMODITY PRICES COMMUNICATIONS TECHNOLOGY CONSUMER PRICE INDEX COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CORPORATE TAXES CREDIT GROWTH CREDIT RATINGS CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT FLOWS DEBT LEVEL DEBT LEVELS DEBT MANAGEMENT DEBT RELIEF DEBT STOCK DEMOGRAPHIC DEMOGRAPHIC CHANGE DEMOGRAPHIC CHANGES DEPOSIT DEPOSIT RATES DEPOSITS DERIVATIVES DEVELOPING COUNTRIES DISBURSEMENTS DIVIDEND DOMESTIC BORROWING DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC INTEREST RATES DOMESTIC MARKET DOMESTIC SECURITY ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC DEVELOPMENTS ECONOMIC PERFORMANCE ECONOMIC REFORMS EQUIPMENT EXCHANGE RATE EXISTING INFRASTRUCTURE EXPENDITURE EXPENDITURES EXPOSURE EXTERNAL BORROWING EXTERNAL FINANCING FINANCE CORPORATION FINANCIAL CRISIS FINANCIAL MARKETS FINANCIAL SAVINGS FINANCIAL SYSTEMS FISCAL BURDEN FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FOOD PRICES FOREIGN ASSETS FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE TRANSACTIONS FOREIGN INTEREST FOREIGN MARKETS FRAUD GLOBAL MARKETS GOVERNANCE INDEX GOVERNMENT BORROWING GOVERNMENT DEBT GOVERNMENT SAVINGS GOVERNMENT SECURITY GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH RATE GROWTH RATES INCOME INCOMES INFLATION INFLATION INDEX INFLATION RATE INFLATION RATES INFLATION TARGETING INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PROJECTS INSTRUMENT INSURANCE INSURANCE COMPANIES INTEREST PAYMENTS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BEST PRACTICES INTERNATIONAL FINANCE INVESTING INVESTMENT ALLOCATIONS INVESTMENT CAPABILITIES INVESTMENT GUIDELINES INVESTMENT MANAGEMENT INVESTMENT PROJECTS INVESTMENT SPENDING ISSUANCE ISSUANCE OF GOVERNMENT SECURITIES LEVEL OF COMMITMENT LIBERALIZATION LIQUIDITY LOCAL CURRENCY LOCAL ECONOMY LOCAL GOVERNMENT LONG-TERM FINANCE MACRO-STABILITY MACROECONOMIC ENVIRONMENT MACROECONOMIC LEVELS MARKET INTEREST MARKET INTEREST RATES MARKET PRICES MONETARY FUND MONETARY POLICIES MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL DEVELOPMENT NATURAL DISASTERS OIL RESERVES OIL RESOURCES OPEN MARKET OUTPUT OUTSTANDING CREDIT PENSION PENSION ASSETS PENSION FUND PENSION FUNDS PENSION LIABILITIES PENSION REFORM PENSION REFORMS PENSION SYSTEM PENSION SYSTEMS PENSIONS PERSONAL LOANS POLICY RESPONSE POLITICAL ECONOMY PORTFOLIO PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PRICE VOLATILITY PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE PENSION PRIVATE PENSIONS PRIVATE SECTOR CREDIT PRODUCTIVE INVESTMENTS PUBLIC DEBT PUBLIC DEBT STOCK PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PENSION PUBLIC PENSIONS PUBLIC POLICIES PUBLIC SECTOR BORROWING PUBLIC SPENDING RAPID GROWTH RATE OF GROWTH REAL ESTATE RECURRENT EXPENDITURE RECURRENT EXPENDITURES REGULATOR REGULATORY AUTHORITY REGULATORY FRAMEWORK REMITTANCES REPLACEMENT RATE RETURN SAFETY NET SCANDAL SCANDALS SOCIAL DEVELOPMENT SOCIAL PROTECTION SOCIAL SAFETY NET SOVEREIGN DEBT STABLE LOCAL CURRENCY SUPPLY SHOCKS SUSTAINABILITY ANALYSIS TAX TAX CODES TAX EXEMPTIONS TELECOMMUNICATIONS TRADE BALANCE TRADING TRANSPARENCY WITHDRAWAL WORLD DEVELOPMENT INDICATORS WORLD ECONOMIES
Online Access:	http://documents.worldbank.org/curated/en/2014/06/19804777/reducing-old-age-economic-vulnerabilities-uganda-improve-pension-system http://hdl.handle.net/10986/20025

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Summary:	This is the fourth edition of the Uganda Economic Update series. As with previous editions, this update first provides information related to the current state of the economy before focusing on a particular subject of importance. The special focus of this issue concerns how pensions can reduce vulnerabilities at both individual and macroeconomic levels. The Ugandan economy has continued the process of recovery, growing by 5.9 percent during the first half of FY2013 and FY2014 amidst droughts, disruptions related to civil unrest in South Sudan, and aid cuts. Eight consecutive quarters of positive growth since the slump in FY2011 and FY2012 confirm that the economy has returned on the strong growth path and may reach a rate of growth of 6.0 percent per annum in FY2013 and FY2014. The positive outlook is subject to risks, key among which will be those emanating from its fiscal management regime due to continuous low revenue collection and reduction of aid to Uganda; increased spending pressures in the advent of the 2016 elections, and accelerating public investments amidst gaps in public investment efficiency. In addition, given its recently increased dependency on the South Sudan market for its exports, the protracted crisis in South Sudan could have severe consequences to the Ugandan economy. In that context, a coherent policy of social protection, including for the elderly, can promote social transformation and accelerate economic development. An effective social protection system is needed to protect vulnerable groups from negative shocks such as loss of employment, death of bread winner, or bad weather. Achieving the vision of a transformed Uganda means addressing vulnerabilities at both individual and at country levels. Uganda is already taking steps to start building an effective pension system, but challenges remain in ensuring transparent and proper governance of the pension funds; achieving efficiency objectives, building up the institutional capacity, and managing the fiscal pressures due to expenses to existing pensions and the new public pension scheme at the same time. Well designed and managed pension systems can contribute significantly to the country's ongoing transformation.