Whether overall savings in real terms increase when compulsory pension contributions are introduced naturally depends on whether such contributions replace other savings. Calculations by the Ministry of Economic and Business Affairs indicate that the increased pension contributions have had a full impact on total savings. This means that other savings have not been supplanted by higher pension savings.
Private investment in labour intensive modern industries  Uganda’s record of attracting private investment into labour intensive industries such as manufacturing is poor, which is one of the reasons why so few formal sector jobs in medium and large scale enterprises are being created.