Mzumbe University Prepares Retirees for Sustaining Businesses

Mzumbe University Dar es Salaam Campus College recently conducted a week training to some civil servants as well as workers in the private sector, who are about to retire on how to venture into business that is sustaining.

Opening the training in Dar es Salaam, the institution’s Acting Principal Dr Coretha Komba said they organised the workshop to orientate the would-be retirees on the real demand and situation in the labour market.

She further noted that such seminars present participants with right skills and precautions in the market, adding:

“We forearm them with prerequisite skills on how to venture, network and become sustainable in global business after having spent most of their workforce and time in salaried employment.”

 

Equally, the don noted that such a workshop is an outreach programme of the university to the community in a plough back spirit, which the latter should tap to grow.

Facilitating the training, Dr Daudi Ndaki from the institution said that they impart skills to them on personal financial planning because this is would drive and sustain them in business far from the way they were living waiting for salary they were earning every month.

He added:

“This time round, they must plan how to survive and live wisely with the retirement packages they have and that must also be committed to business and accrue profit… remember they are out of salary they were earning every month.”

 

He said the institution offering such training also imparts skills to them on how to start and run investments, where they would be assured of financial flow, noting: “Take a case study of buying a share in a collective unity or buying a government bond that is sustaining just like a salary…they are relatively risk free because they are issued by the government, they are transferable and negotiable.

Equally, they can be pledged as collateral.

“As part of the part of the university outreach program in its plough back to the community, such training impart skills to retirees on how to apply and determine practical solutions in business… they go to the market as entrepreneurs for their businesses to grow, and here, it is think tanks to help them.”

One of the beneficiaries of the training, Charles Kondela from Arusha Urban Water Supply and Sanitation Authority (AUWSA), who is retiring at 60 next year, said that any retiree should realise that there is also life after retirement from any workplace.

However, he advised employers and training institutions offering such courses to regularly run them not only to those on the verge of retiring, adding that retirement from a workplace is not a punishment, but part of life.

The retiree further advised others in the same group to limit expenses in comparison to the days; they were in workplaces, saying:

“If you had 2 or 3 cars, this time limit to one that you can simply manage without stress, remembering that other sources of income you had when you were in office will not be there.”

 

On his part, Rodgers Martin Makia, 58 also from AUWSA, said such training is necessary to them as a way of transiting them to the market, where they are also expected to be employers and engage others in business, where they would start with their retirement packages.

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