The Chief of Pension and Gratuity Brigadier General Julius Biryabarema has today delivered a presentation on retirement to officers and men of the 1 Infantry Division at the Division Headquarters’ Kakiri Barracks, Wakiso District.
Brig Gen Biryabarema informed them that early retirement planning is essential for a successful retirement and reintegration into civilian society and that, “the best time to start thinking about your retirement is before the boss does,” as he stated that retirement is a right recognized in the National Constitutions of the majority of countries.
The main vision of the Directorate of Veteran Affairs is to have a vibrant and productive veterans’ community that contributes to National Security and Development; by coordinating Government programs that enable veterans to smoothly transition from military service into civilian life.
He added that the Chieftaincy of Pension and Gratuity contributes to the vision above by processing terminal benefits to replace the loss of income created by either the death or retirement of UPDF officers and men.
Brig Gen Biryabarema showed the officers the key principles of an early retirement plan which include; understanding the time horizon based on current age and expected retirement age, determining retirement spending needs, saving for retirement and considering basic investment principles.
He further enlightened them on their retirement entitlements including pension, gratuity, death gratuity, disability compensation, resettlement package for general officers, and full pension after completing 15 years in retirement.
Brig Gen Biryabarema called upon all serving officers and men to embrace saving with existing SACCOs especially WSACCO as one of their retirement plans adding that it’s the only way, they will be able to fight the poverty battle after retirement by engaging in productive economic activities.
The 1 Division Commander Brig Gen Joseph Ssemwanga applauded the Commander in Chief for having thought of the Directorate of Veteran Affairs which works directly on issues of retiring officers and men.
He also thanked Brig Gen Biryabarema for the tireless efforts exhibited towards serving the retired officers and their families.
In attendance were Deputy 1 Division Commander Col John Patrick Otongo, Col Emmanuel Muhoozi, Col Bernard Tuhame, Senior UPDF Officers and Junior Officers and Men.