Our Governance
Remuneration report
Variable pay
The Fund provides annual bonuses to eligible staff as a way of recognising their contributions, retaining top performers, and motivating continued excellence. Bonus amounts are determined by individual performance and overall contributions to the Fund's success.
Benefits
The Fund offers benefits in line with market and regulatory standards, including medical insurance, death benefits, a retirement scheme ("Staff Provident Fund"), an "Annual Service Award" for temporary staff, and a "Gratuity Scheme" for the Executive Committee (EXCO).
Recognition
The Fund recognises outstanding contributions through both financial and non-financial awards to individuals and groups, promoting the Fund’s objectives while addressing operational challenges. Additionally, long service awards are provided in 5‑year bands, starting at 10 years of service to honour employee commitment and loyalty.
Career development
The Fund empowers employees to enhance their skills, strengthen their sense of purpose, and boost their career growth through initiatives such as reskilling programmes, secondment opportunities and many more.
Remuneration of statutory appointees
The remuneration for the Managing Director and Deputy Managing Director is based on the same criteria as other employees, with an annual performance review. These packages are approved by the Minister of Gender, Labour, and Social Development.
Annual single total figure of remuneration
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|---|---|---|---|---|---|
| Top Management | Salary (Millions) | Benefits (Millions) | Bonus (Millions) | Pension (Millions) | Gratuity (Millions) |
|
Top Management
Managing Director
|
Salary (Millions) 907
|
Benefits (Millions) 229
|
Bonus (Millions) 336
|
Pension (Millions) 123
|
Gratuity (Millions) 230
|
|
Top Management
Deputy Managing Director
|
Salary (Millions) 741
|
Benefits (Millions) 142
|
Bonus (Millions) 324
|
Pension (Millions) 112
|
Gratuity (Millions) 191
|
Non-Executive Directors’ remuneration and terms of engagement
Terms of service
All non-executive directors are provided with a letter of appointment setting out their remuneration. Directors are appointed by the Minister of Gender, Labour, and Social Development for a three-year term, renewable once.
Fees
Non-executive Directors receive a retainer for their service on the Board and a meeting attendance fee for Board and Board Committee meetings. Fees are paid monthly in arrears. There are no contractual arrangements for compensation for loss of office. Executive Director(s) do not receive any retainer or meeting attendance fee.
In determining the remuneration of Non-Executive Directors, the Board considers the extent and nature of their responsibilities, and comparative remuneration offered by other major entities of a similar nature.
The Fund’s remuneration structure
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|
|---|---|
| Directors’ fees (UGX) Board Chairman | |
|
Directors’ fees (UGX) Board Chairman
Annual retainer
|
Value 153,786,000
|
|
Directors’ fees (UGX) Board Chairman
Fee per sitting
|
Value 3,600,000
|
| Director | |
|
Director
Annual retainer
|
Value 121,410,000
|
|
Director
Fee per sitting
|
Value 1,528,000
|
| Board committee | |
|
Board committee
Member (fee per sitting)
|
Value 1,350,000
|
Summary of 2024/2025 Board emoluments
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|---|---|---|---|---|---|
| Category of Directors | Board retainer fees and Board sitting allowance | Other benefits | Gratuity allowance | Total | Year |
|
Category of Directors Non - Executive
|
Board retainer fees and Board sitting allowance 890,189,600
|
Other benefits 582,542,166
|
Gratuity allowance 62,914,860
|
Total 1,535,646,626
|
Year FY20/21
|
|
Category of Directors Non - Executive
|
Board retainer fees and Board sitting allowance 1,087,371,400
|
Other benefits No additional benefits paid
|
Gratuity allowance 38,649,150
|
Total 1,126,020,55
|
Year FY21/22
|
|
Category of Directors Non - Executive
|
Board retainer fees and Board sitting allowance 1,062,602,200
|
Other benefits 417,113,520
|
Gratuity allowance 47,653,617
|
Total 1,527,369,337
|
Year FY22/23
|
|
Category of Directors Non - Executive
|
Board retainer fees and Board sitting allowance 1,535,428,200
|
Other benefits No Additional Benefits paid
|
Gratuity allowance 230,314,230
|
Total 1,765,742,430
|
Year FY23/24
|
|
Category of Directors Non - Executive
|
Board retainer fees and Board sitting allowance 1,302,404,604
|
Other benefits No Additional Benefits paid
|
Gratuity allowance 209,290,697
|
Total 1,511,695,301
|
Year FY24/25
|