This scheme operates as a defined contributions program, with both the employer and employee making mandatory monthly contributions based on a percentage of the pensionable salary;
i) Employee Contribution – 5%
ii) Employers Contribution – 10%
The scheme also provides Members with the flexibility to make extra contributions, such as;
i) Additional Voluntary Contributions.
ii) One-Off Special Contributions.
01
Employee Contribution
Every member of the Scheme shall make a 5% contribution from their pensionable emoluments to the Scheme starting from the date they become an employee of Makerere University. The employer is responsible for deducting each member’s contribution from their pensionable emoluments and paying it to the Scheme by the 15th day following the last day of the month in which the contributions were due.
02
Employer Contribution
The Scheme requires the employer to contribute 10% of the employee’s pensionable emoluments, which should be paid no later than the fifteenth (15th) day following the last day of the month for which the contributions were due.
03
Additional Voluntary Contribution
Members can make additional voluntary contributions to increase the benefits payable under the Scheme Rules. Members can increase their contribution rate beyond the standard rate of 5%, by committing to pay a fixed monthly premium of at least Ushs 50,000 directly to the Scheme. Employers can increase their contribution rate beyond the standard rate of 10%.
The benefits resulting from these additional contributions will be accessed according to the Scheme’s Rules.
04
One-Off Special Contribution
A member of the Scheme is allowed to make a one-off special contribution, which must be derived from pensionable emoluments and be at least Ushs 1,000,000. The resulting benefits from this special contribution can be accessed according to the Scheme Rules, subject to the Law.