pension uptake kenya Stories

Retirees will benefit significantly as all gratuity payments, whether in public or private pension schemes, will now be fully tax-exempt, ensuring dig...

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.

In Kenya, employers who delay sending pension money are fined Sh20,000 or five per cent of the unpaid amount every month.

The proposals suggest raising the monthly deductible pension contributions from Sh20,000 to Sh30,000.

In the last Financial Year 2023-2024, payments amounting to Sh350 million were made to 2,950 deceased pensioners.

The Retirement Benefits Authority says seven out of 10 Kenyans in the labour market are likely to live in poverty after retirement.