Over 70 top officers in the Bank of Uganda have retired under the Voluntary Retirement Scheme which was affected by the management in 2010.
Following the decisions of both management and the Board in the first quarter of 2011, the Bank of Uganda put in place a Voluntary Retirement Scheme for staff who wished to proceed on early retirement.
Under the Voluntary Retirement Scheme all categories of staff including Executive Directors and Directors were eligible to apply.
In Statement issued by the management of Bank of Uganda yesterday officials said: “Effective June 30, 2011, more than 70 members of staff, including two Executive Directors, two Directors, four Deputy Directors, six Assistant Directors and staff of various ranks retired from the Bank under the scheme.”
Before the Voluntary Retirement Scheme the retirement age for all officers working in the bank of Uganda with the exception of the presidential appointee, the compulsory retirement age is 55 years.
However, in most cases though not all officers at the age of 55 years may get central bank does offer a two-year contract after for officers who have clocked 55 years of age after they then exit the bank.
This time round the scheme saw some officer retiring before reaching the official retirement age of 55 years.
The presidential appointee in the central bank is the Governor and the Deputy Governor their appointment is not limited two terms.
In 2010, Bank of Uganda undertook a comprehensive review of its operations, with special focus on strategic developments and compliance with new and emerging international best practices in the Bank’s core operational areas.
The central bank management explains that the review was supported by independent consultants, and was intended to re-orient the focus of business areas, to re-align the operational and technical processes, and to develop and implement a suitable and leaner organizational structure that is in line with the current technological, legal and economic environment.
“One of the major recommendations from the review was the elevation of Information Technology from a Department to that of a Function. This is expected expedite the automation of Bank processes and to improve service delivery. Several other organizational units in the Bank (departments, divisions, sections) have been impacted through consolidation and relocation,” said the central bank.
Central management further explained that the restructuring and smart-sizing exercise phased out some positions due to the automation of existing processes, the adoption of new practices, the implementation of a new monetary policy framework (Inflation Targeting), and the ongoing transformation of the website into a primary information resource for the Bank’s stakeholders