ALLOW ACTUARIES SERVE THEIR COUNTRY
ALLOW ACTUARIES SERVE THEIR COUNTRY
Why this petition matters
The Minister of Public Service,
Ministry of Public Service,
Plot 12, Nakasero Hill Road,
P. O. Box 7003, Kampala
RE: CONSIDERATION OF ACTUARIAL SCIENCE GRADUATES BY MINISTRY OF PUBLIC SERVICE FOR EMPLOYMENT OPPORTUNITIES IN THE GOVERNMENT OF UGANDA
We write to you on behalf of Makerere University Bachelors of science in Actuarial science graduates, all current Actuarial science students across the country, professionals in the field of actuarial science and their parents/guardians. We would like to bring to your attention our plight of being denied a chance of serving in our great country as civil servants.
A bachelor’s of science in actuarial science degree is not recognized as a qualification for recruitment for any job in Uganda by Ministry of public service. Our previous applications and trials to apply for opportunities in government of Uganda have left us not shortlisted or even long listed to attend the preliminary interviews.
In Uganda, Bachelor of Science in Actuarial science is taught in various public and private universities for a period of not less than three (03) years. Actuarial Science is a profession concerned with the application of mathematical, statistical, probabilistic, and financial theories to solve real business problems. Actuaries analyze the financial costs of risk and uncertainty so as to assess the risk of potential events, and they also help businesses and clients develop policies that minimize the cost of that risk which makes them a great asset to the government of Uganda.
The course coverage includes Mathematics, statistics, economics, finance and financial mathematics, mathematical modelling, investment and asset/liability management, financial management, enterprise risk management, professionalism and this equips us with skills in mathematical modelling, managing and communicating uncertainty, evaluating financial consequences, analysis and measurement of risk, scientific pricing and reserving techniques, asset/liability management and financial management. These are skills that can be utilized if considered for some opportunities in government like statisticians, economists, pension scheme administrators/Pension Officers, commercial officers, financial planners, Risk managers, consultants among others in the following ministries/sectors in the government of Uganda;
1. Ministry of public service
(a) Initiating policies, reviewing and guiding in the management of remuneration/ compensation in the service;
(b) Supporting MDA/LG in the preparation of annual budget estimates for wage, pension and gratuity and consolidating the annual wage bill of government;
(c) Authorizing retirement requests, computation and payment of terminal benefits;
(d) Varying any conditions/ provisions of the Pensions Act and implementing the provisions on terminal benefits as provided under the 4th Schedule to the Pensions Act Cap 286;
(e) Providing functional and technical support to MDA/LG to ensure timely, efficient and professional processing and payment of salaries, pension and gratuity.
(f) Building the capacity of MDA/LG to implement the decentralized management of salary, pension and gratuity.
(g)Supporting MDA/LG to undertake regular review and verification of pensioners and claimants.
(h) Monitoring the implementation of the decentralized management of salaries, pension and gratuity.
(i) Developing and implementing programmes for automatic transition of staff from the active payroll to the pension payroll.
(j) Carrying out assessment of pension and other terminal benefits in a transparent manner to ensure its prudential management.
(k) Carrying out awareness programmes on the processes and procedures for accessing pension across all MDAs/LGs.
2. Ministry of Finance Planning and Economic Development
Department : Investment
(a) portfolio management
(b) Asset/liability modelling and management
(c) Strategic asset allocation
(a) Appraisal of capital projects
(b) Risk analysis and control
(c) Assessment of damages and compensation
(d) Value of loss of earnings, cost of care, etc.
Department: Public Policy
(a)Financial services regulation and supervision
(b) Design and financing of social security
(c)Pensions policy, regulation and supervision
(d)Public sector pension arrangements
(e)Financing of health care and long-term care
(g) Analyzing and interpreting demographic trends
(h) Projecting the population
3. Ministry of Relief, Disaster Preparedness and Refugees
(a) Supporting in disaster risk assessment and mitigation in the country so as to decrease disaster losses and costs of mitigation involved through;
(b) Assessment of compensation
(c)Appraisal of risk and financing of capital projects
(d)Modelling catastrophes and epidemics
(e)Assessing long-term liabilities, e.g. Nuclear waste
(g) Implications of global warming
(h) Evaluating costs of environmental damage
4. Ministry of Health
(a) Policy evaluation in private and public health insurance
(b) Regulating medical insurance packages for public servants
(c) Identifying suitable providers for medical insurance packages for public servants
(d) Administration of medical insurance funds for public servants
(e) Cost analysis
5.National social security fund (NSSF Uganda )
(a) Demographic projections
(b) Estimates of future benefit outgo
(c) Estimates of future contribution income
(d) Long-term projections of financial balance
(e) Short/medium-term estimates of cash-flow
(f) Development of funding strategies
(g)Interactions with complementary plans
In case of social security reforms, actuaries can play a vital role in;
(a) Analysis of costs of existing arrangements
(b) Advising on alternative structures
(c) Modelling the transition
(d) Advising on establishment of second/third pillars
(e) Regulation of second/third pillars
(f) Impact on public expenditure/borrowing
(g) Impact on investment market
6. Ministry of Energy and mineral development
Risk Evaluation and management
We implore your good office to address our issues raised here to enable us get equal employment opportunities so that we serve in our country.
We thank you and look forward to an opportunity to discuss our request in greater detail.
All Signatories to this letter
Cc: President of the Republic of Uganda
Cc: Prime Minister of Uganda
Cc: Minister of Finance Planning and Economic Development
Cc: Minister of Education and Sports
Cc: Minister of Health
Cc: Minister of energy and Mineral development
Cc: Minister of Gender, Labour and Social development
Cc: Managing Director NSSF Uganda
Cc: Vice Chancellor Makerere University
Cc: Executive Director National Council for Higher education