Yes, it is your money and the government wants to regulate how you use it! If you were planning to celebrate the end of “Jan-worry” in style, wait a minute. The government is contemplating on the proposal by the Private Sector Foundation of Uganda (PSFU) to come up with a law that forces all Ugandan workers to save their income.
According to the chairman Uganda Chamber of Mines and Petroleum, Elly Karuhanga, the general forced income-saving law will increase domestic savings in the country.
While speaking to the Minister of Finance Hon Matia Kasaija, Karuhanga said there’s need for legislation requiring the saving’s law because it will increase domestic savings from which the country can borrow to pay debts cheaply instead of borrowing expensively from the World Bank.
We wait to see how this goes and how it could save us from ourselves!
Source: Capital FM Uganda.