retirement benefits Stories
Kenya also faces low pension coverage, with over 70 per cent of workers retiring without a pension beyond payouts from the National Social Security Fu...
The Justice and Legal Affairs Committee (JLAC) of the National Assembly has endorsed the Judges’ Retirement Benefits Bill, 2025, following public cons...
Nearly half of retirees’ savings last only part of their expected retirement years, raising concerns about financial security in later life. Major spe...
The Kenya Railways Staff Retirement Benefits Scheme was set up in 2006 after the restructuring of the corporation, inheriting liabilities of more than...
Regulators warned that a failure of a single provider could disrupt multiple institutions at once, affecting their ability to deliver essential servic...
According to Njoka, the Bill’s wording seeks to make the SRC Act subservient to this Act, despite Article 172 (1) (b) (i) of the Constitution limiting...
Thousands of current and former TUK employees risk losing their life savings amid allegations of negligence and fund misuse.
Committee Members criticised the RBA for failing to take action against the chief executives of state agencies that have neglected to pay retirement b...
The move follows revelations that Sh244 million deducted from employees’ salaries between 2009 and 2013 was never remitted into the registered scheme.
The institution reportedly failed to remit staff contributions for years, with funds deposited into an unregistered and non-compliant account.
MPs questioned why the Judiciary continues to set its own allowance rates independently of SRC benchmarks, despite the constitutional mandate that SRC...
Between 2021 and 2024, the total fund value grew by 41 per cent, and by 182.6 per cent over the past decade since 2014, when it stood at Sh789 billion...
Overall pension inflows across the country grew 29 per cent to Sh263.4 billion from Sh204.9 billion in 2023.
The petitioner, Charles Gitau had argued that the retirement policy violated constitutional rights to equality, dignity and fair labour practices.
According to constitutional lawyer Gibson Gisore, retirement benefits - including pensions - are safeguarded by the Constitution and relevant laws, ma...
SRC said the Bill usurps its exclusive mandate to set and review State officers’ pay and warned that implementing it could trigger similar demands acr...
Acting SRC CEO Margaret Njoka stated that the Bill directly undermines the commission’s exclusive constitutional mandate to set and review the remuner...
The Bill seeks to reward judges who have served for at least 10 years with a pension upon retirement, while those with shorter service will receive a...
After school fees and housing, 15 per cent of retirees channel their savings into farming, while 14 per cent start businesses.
Retirees will benefit significantly as all gratuity payments, whether in public or private pension schemes, will now be fully tax-exempt, ensuring dig...
The rise in assets under management to a record high was primarily driven by increased compulsory contributions to the NSSF in line with the ongoing i...
A recent RBA survey highlighted the hardships facing retirees, with 57 per cent of pensioners stating that their savings were inadequate to sustain th...
Workers below 50 years will no longer be allowed to withdraw pension savings when switching jobs.
The committee was shocked to learn that for 15 years, the university deducted employee contributions but failed to remit both employee and employer co...
According to the audit, the UoN, as the primary sponsor, owed the pension scheme Sh7,223,501,000 an increase of over Sh1 billion from the previous yea...
The reform includes a substantial increase in the monthly deductible pension contribution limit, which has been raised from Sh20,000 to Sh30,000.
Other high-end benefits requested by ICPAK included a dedicated driver, personal assistant, housekeeper, gardener, cleaner, and two armed security gua...
Unremitted employer pension contributions have emerged as the second-largest pending bill for parastatals.
The Finance Committee said introducing a gratuity scheme for MPs would be too expensive for the government.
According to the agreement, the total debt comprised a principal sum of Sh87 million and accrued interest of Sh675.7 million.
