President William Ruto has said the Government is keen on enhancing the retirement savings by people engaged in gainful employment.
He said the current rate of retirement contribution to National Social Security Fund (NSSF) of Sh200 a month cannot generate decent retirement earnings. He noted that appropriate legal framework should be put in place to improve the retirement prospects and well-being of millions of workers. “We will design incentives to mobilise funds that can be invested in government instruments that finance productive capital projects and improve the provision of social services throughout the country,” he noted.
He was speaking on Friday at the College of Insurance in Nairobi County during the Association of Pension Trustees and Administrators of Kenya stakeholders meeting.
The President explained that his administration was interested in striking a formula for making available affordable financing in sufficient amounts to fund development projects on a transformative scale, while at the same time creating attractive investment.
“Our ultimate goal is to create employment and improve the living standards of millions of underprivileged Kenyans,” he said.