Widows and Orphans Pension Fund Stories
The Auditor-General also questioned why the idle funds were not invested in interest-earning accounts, estimating a missed opportunity to earn Sh21 mi...
This financial crisis is causing deep concern among employees, many of whom face the prospect of retiring without the pension benefits they have worke...
The government’s acquisition is expected to provide the scheme with the much-needed financial flexibility to continue supporting its pensioners.
Public institutions are responsible for Sh54.4 billion of the unremitted funds, while Sh2.4 billion is owed by private sector entities.
By January 31, 353,586 pensioners comprising 268,236 principal pensioners and 85,350 dependents were already part of the system.
The commission has directed the Pensions Department to process all pending claims within 60 days and submit a compliance report.
Despite the increase in payouts, the pension budget still falls short of its target by Sh28.74 billion, or 25.75 per cent.
PS Kiptoo revealed that the country holds approximately Sh2 trillion in pension assets, yet only 26 per cent of Kenyans benefit from pensions.
The survey, published in December 2024, found that nearly half of insurance customers (44.1 per cent) skipped premium payments.
National Treasury Principal Secretary Chris Kiptoo stated that the February deadline is non-negotiable.
The reform includes a substantial increase in the monthly deductible pension contribution limit, which has been raised from Sh20,000 to Sh30,000.
As of September 30, 2024, pension payments for ordinary and commuted pensions had reached Sh58.57 billion, but only Sh24.23 billion was covered by exc...
State agencies in the Ministry of Roads and Transport are the largest contributors to the pending bills crisis, with debts totalling Sh173.7 billion.
The CoB's report reveals that unremitted PAYE alone rose by Sh3.85 billion, bringing the total outstanding amount to Sh22.89 billion.
The diversion of funds has left many retirees, some of whom have passed away, without the financial support they worked hard to secure during their em...
In Kenya, employers who delay sending pension money are fined Sh20,000 or five per cent of the unpaid amount every month.
According to Mbadi, the team will develop a strategy that allows county governments to clear outstanding pension liabilities.
The proposals suggest raising the monthly deductible pension contributions from Sh20,000 to Sh30,000.
Unremitted employer pension contributions have emerged as the second-largest pending bill for parastatals.
This shortfall is compounded by rising pension costs, driven by a wave of retirements.
