MAK retirement benefits scheme announces 13% interest rate for savers
By Damali Mukhaye
Makerere University staff saving with its Retirement Benefits Scheme (MURBS) have been given 13.3 per cent interest rate on their savings for the financial year 2020/21.
This was revealed by the fund’s board, during the MURBS 11th annual meeting.
According to the MURBS Chairperson, Dr Godwin Kakuba, the Fund’s net worth grew by Shs46bn, rising from Shs209bn to over Shs255bn as at June 2021.
According to Dr Kakuba, the scheme made a return on investment of nearly Shs28bn from fixed income assets and Shs2.1bn from equities.
He says the investment performance the scheme attained exceeded the total contributions received during the reporting year.
It is against this background that the board of trustees confirmed the award of an interest rate of 13 per cent.
MURBS has since its inception in 2010 had issues with the National Social Security Fund (NSSF) which was fighting for the same staff, but the government recently approved MURBS as a legal establishment.
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