How the African union Prepares Employees for Retirement Introduction upon retirement an ex employee may face uncertainty, depression, and other challenges such as insufficient income to pay debt owed, unpaid children’s school fees and bills and so on. The African Union Commission recently introduced workshop for employees due to retire in order to prepare them for life after retirement.
The workshop covered a variety of topics which will be discussed in this comment. Counseling Staff due for retirement Is counseled to prepare them not to fall apart when they retire. Particular emphasis Is on staff to take retirement positively and not as a nightmare. Planning for Retirement Planning for retirement should usually begin the moment one starts to work, but due to multiple responsibilities, failure to begin in time is wide spread. Retirement Meaning to Staff What does retirement mean to retiring staff? It means transition from one phase of life to another.
It can be positive or negative. It does not mean decay. Why do we put age as a deterrent In retirement? The assumption for many Is that retirement leads to end of life. It is not true. Many people live longer even after retirement. People snouts sat art preparing Tort retirement ten moment teeny take up a Joy D. Our Tie rater retirement cannot be transferred to our children as this will delay them from planning for their retirement in time. Preparation for retirement Preparation for retirement should begin three years in advance. Staff should be used to pass knowledge to incoming ones.
Figure out your Home Equity (largest asset) Current Market Value Current Mortgage Balance Home Equity debt Consult an appraiser for current market value or look at sale prices of comparable homes in your neighborhood. Look at where your money is now. Are you earning very low interest for guaranteed security? These depend on your goals and how close or far away your retirement is. Would you do better with a different asset allocation? Investing too much of your assets in one investment can be very risky. What are your ay-to-ay expenses Ana now teeny wall change over time?
Now Is time to compare! Will your estimated income meet your estimated expenses? Maximize your contributions to your provident fund. Cut expenses. You may have to work longer than expected. Invest to live ahead of inflation! Making your money last phases of retirement (Prosperous Retirement) Go-go (expenses greater than income) Don’t take unsolicited advice on where to put your money If you want advice consult a financial professional. In the past there were not a lot of choices in retirement, but that has changed dramatically.
It is up to you to choose how to live after retirement ND work towards your goals. Fixed Investment: Investment is important to keep you active. You must reserve some savings e. G. In fixed asset or property to keep you feeding and taking care of day-to- day responsibilities. AUK should: Run this seminar 2-3 yr before staff actually retire Make a presentation on retirement during induction Prepare a booklet on retirement and distribute to all members Hold annual induction for new staff and a seminar three years into retirement to create awareness for retirement. Presentation pointed out pertinent problems on the retirement stages but did not suggest solutions. Credit Union should guarantee loans and not individuals. In future invite experts in health, finance, business, counseling and retirees etc. Retirement age policy should consider the profession one is working. Life span has increased and retirement age should be reviewed accordingly in conformity with prevailing international standards and professional experience. Retirees should not be cut- off completely from the Commission. Update retirees through annual newsletters, Issue retirees IDs and honorary pins to facilitate their movement into AU office Retirees should continue accessing AUK facilities like library, internet, remises Develop a new and better savings mechanism that benefit staff at and after retirement AU should put in place adequate health support services for staff Involve staff on transfer in the procurement of transportation of post retirement personal effects and passages at retirement to avert abuse Revisit the 110 days accumulated leave days policy because the figure was reached arbitrary Address the issue of staff who accumulated over 110 before retirement due to exigencies of duty. It is important that Regional offices are not left out when the consultant makes a presentation on the proposed pension fund. Noun meet Walt n ten consultant separately. Rules and documents are prepared only with Headquarter staff in mind where as they also pertain to staff in the regional offices. When they are, they are hardly communicated to the concerned staff members in the regional offices. Retirees should: Avoid idleness at all cost Try to maintain quality lifestyle, as far as it is practicable The AUK should: Should see retirees as a pool of resources. In future the Training Unit should: Obtain information from the RECESS on investment opportunities to share at this Invite the Staff Association and Credit Union to make a presentation.
Forum Discussion on AU Pension Scheme Investment You should need some cash flow, before you take on an investment. Prepare a business plan and seek a bank loan for implementation. Set up a business approach e. G. Join an MONGO for active participation and probably for the benefit of people in the rural areas. Learn to interpret financial statements, by surfing the internet and learning from it. Share investment information with your family for purposes of follow-up. There is no small money. Every little Bring your self down and mingle with people among whom you saving matter. Live with. Ask questions of the Credit Union with respect of withdrawals and Investment in capital market is risky as of today. Management.
The Scheme From January 2009, the AUK will introduce its own pension scheme. Transition Period Withdrawal from ALICE over 5 years By 2014 AU would be free from ALICE. Currently 3 months prior to retirement contributions are not sent to ALICE Safety mechanism is put in place to ensure no benefits are lost. During the transition process we have to make sure no benefits are lost. It is a movement from provident fund to a pension scheme. There is a pension benefit to a surviving staff. So far there is no communication with staff on the movement into pension fund. AU Tips for Healthy Aging Eat a balanced diet Exercise regularly Get regular check-ups Don’t smoke. It is never too late to quit. Practice estate naiads at none to prevent Tails Ana Treasures. Always wear your safety belt when driving and when you are a passenger. Avoid overexposure to the sun and the cold. If you drink, moderation is the key and when you drive let someone else drive Keep personal and financial records in order to simplifying budgeting and you. Plan long term housing and financial needs. Investing. Keep a positive attitude towards life. Do things that make you happy. Health Care after retirement. Staff are advised to know their health history and carry your medical history with you on retirement. Men should regularly check-up for prostrate and colony cancer.
Women should regularly do PEP smear, mammogram checks It is advisable for retirees to obtain a copy of their medical history to pass on to their next doctor. Early detection of your health status can make a huge difference. You are in a state of retirement. Save money for medical care. Exercise regularly Avoid sedentary lifestyle Develop a hobby Avoid being lonely. Being lonely is different from being alone. Make new friends and revive old friendships. “Walking is man’s best medicine”, said Shakespeare. Know when you have a good walk. For adults like us: Pulse should be between 60 and 100. Pressure should be between 140 and 80. AUK should allow retirees free check-ups.
High fiber diet is recommended for retirees because it rejuvenates AUK should allow retirees to benefit from the group life insurance for at least one year after retirement while the Commission continues to pay premium. Reading is very important. Keep your mind active. How much you know about current tuition keeps you alive and active. Volunteer and share your knowledge with people. Segregation according to age is important. Job search: (newspapers, internet, social contacts. ) Update your C.V. Spend more time with family. There is always more benefit when you are close to your family than when you are not. Prepare for interviews Are you prepared to relocate? Start your own business.
Health related issues: Blood pressure problems, gout, cholesterol, prostate cancer, Health Insurance is important. Men: cancer gastric, malignancy, arthritis, obesity diabetes. Men have a problem of prostate cancer and tend to hide them. Women: Breast cancer, Mammogram, Cervical Cancer, Malignancy, Oscilloscopes. Get an update of your medical records for onward transfer to your new doctor. Eat food with roughage’s. A high roughage diet assaults ten Intestine In evacuating. Actively noels Keep T T you nave a change In bowel, that is time to go for endoscopies. Cataracts: Treatment is simple these days. Glaucoma is very important. You can be treated with corrective measures. Go for regular check-ups (e. G. To check your blood pressure).
Other issues/comments usually raised by Imminent Retirees A statement made by one of the imminent Retirees: What do we expect from the organization as we are retiring? P. S. Thomas Edison once said: “Many of life’s failures are people who did not realize how close they were to success when they gave up. ” “The darkest moments of our lives may carry the seeds of the brightest tomorrow’. God is not finished with us. V. C. Arioso. 7th April, 2007. “Nothing great was ever done without much enduring,” stated Catherine of Siena. There is no way to learn endurance other than by simply enduring. We can’t learn it in principle or in theory, only pain can teach us endurance. Every fear is followed by blessing. It is a time to say goodbye to friends and colleagues in African service.
For me retirement means “letting go the sad past to embrace healing for a future life”. “If you have good health you have hope, if you have hope you have everything”, says an Arab proverb. Hope is the rope with which we climb. The African Union must foster a culture of work and fair reward. Failure of leadership Justice and fairness must follow commitment to work and service. Without fair reward and Justice, it is difficult for one to retire peacefully from a meritorious service. One would not wish to retire with the feeling that the AU has used one releasers and dumped the one after service. The retiree is left to suffer from Post Stress Traumatic Disorder (EST.).
Leaders must not choose to play politics and fail to do Justice. This is political factorization. The greatest gift you can ever give to anyone is recognition. When one is denied recognition for a Job done well, one does not retire smiling, no matter how much money one is taking home. People who administer the organization must not forget that one reaps what one sows. What you put into the lives of others comes back into your own life. We must apply the rules and regulations fairly to all. One deserves to regain the work position if he or she is denied seniority illegally. Reward is not about only money. Executive decisions can either shape up success or induce failure.
The powers that now Trot executive position snout a De exercises tunefully. Leaders are a critical resource. When leaders are selected using factors unrelated to ability and performance, employees become skeptical and suspicious. This inevitably lowers morale and productivity. Authority must reside in the hands of those who can lead. Sticklers to rules and followers of process instead of progress must stop. It causes major problems for staff and organization and constitutes an abuse of office. Inappropriate use of executive power leads to failure and defeat of programmer. Never before has the spokes person of an organization been silenced with no justifiable reasons.
The AUK is supposed is supposed to be a knowledge driven institution but people in authority act with impunity, with total disregard to law and order. People (staff should not live and work in fear. This is not equal to respect for authority. The administration has left a scene of massive devastation that has rendered staff notionally weak. A descent person finds this depressing. He could turn into a justifiable rebel. A rebel with a cause is Justifiable. When one works for an organization where achievements and successes are not recognized by management, one feels indeed betrayed. This is a shameful act of a few which have blemished the image of the Organization. The Au must redress the past in order to secure the future. A staff member (Mr..
Dennis Book) who Joined the Organization at UP step 1 and after 15 yr he retired from service on the same grade without any increment either annual or promotion. He was stagnated throughout his career because he queries those who abused audit rules and regulations. It is abnormal. It is bizarre. Something is wrong administratively. The departing retiring staff would like to have an audience with the Deputy Chairperson to address some of their concerns before retirement. Conclusion The AU has a relatively good arrangement in preparing employees for retirement. However the AU still lacks in this area when compared to other International organization like the United Nations (UN) as the AU pension is meager compared to the I-JNI.