The increased employees’ contribution to National Social Security Fund (NSSF) will be of benefit to the workers when they retire according to the Retirement Benefits Authority (RBA) CEO, Charles Machira.
The contributions will be increased from Sh2,160 to Sh4,320 this February as per the new NSSF Act.
Speaking in Nyahururu Town during the 8th annual MINET Kenya pension conference, the RBA CEO, said the contribution to NSSF is of benefit to the worker since the employee will take home good pension money.
He at the same time defended the increment in NSSF contributions citing that the tenfold will be an advantage to the employee to have a decent retirement package.
He lamented that the country does not have an optimal number of people saving for their retirement. Despite this, he said the retirement benefits sector is stable.
Macharia added that the industry has an asset management of gross value of over Sh1.7 trillion and these resources have been saved by 1050 pension funds in Kenya.
‘The pensions secto
r continues to face challenges, some of which the regulator is working on such as unremitted contributions by employers currently estimated to be at Sh 40 billion.
‘Pension funds ought to embrace environmental, social, and governance principles as a measure of sustainable business practices and continuity’, said Machira.
Moreover, he said that the RBA policy will address some challenges which include delayed payment of benefits among others.
On his side, Daniel Mainga the General Manager of MINET, Financial Services and Pensions said that this year’s pensions theme is sustainability and resilience and the sustainability of the pensions industry is a must-have conversation.
He said they are aligning with the changes in the industry to ensure the employees in Kenya go home with a decent pension.
He regretted that it is unfortunate many people retire with minimal pensions that cannot sustain them after working for many years.
He said that he was in support of the increased pension funds both on the employe
e and employer deductions
He called to action all the industry players to ensure there is sustainability and the amount reasonable to support the pensioners.
The CEO of The Institute of Economic Affairs Kwame Owino led the discussion on the appraisal of the macro environment, geopolitical risks, and outlook affecting the pensions sector in Kenya.
However, Kwame noted that the risk of a global recession in 2024 remains low, while Kenya’s economic risks are mainly domestic, propelled by inflation and debt
‘There are opportunities for pension funds to diversify their investments among them the education sector which provides opportunities for high return, based on the demand for learning facilities’, said Kwame.
The conference whose theme is sustainability strategies fortifying resilience and igniting change ends on Friday, the 19th.
Source: Kenya News Agency
WINDHOEK: The National Assembly on Thursday launched the 2023 to 2027 Strategic Plan in the capital.
The National Assembly provides an important platform for members of parliament to discuss Government policy, propose new legislation, amend or repeal outdated laws, amend the Constitution, or discuss other topics of national interest.
Speaking at the launch, Peter Katjavivi, Speaker of the National Assembly, said, ‘The National Assembly has been unwavering in its pursuit to rekindle the agenda for change as envisioned by our founding fathers and mothers. Over the next five years, our focus will be on two strategic pillars: first, enhancing the effectiveness of legislation, oversight, and representation, and secondly; elevating service delivery. These pillars are designed to position the National Assembly not only to implement its mandate effectively, but also to embody our mission and perform our core functions, underpinned by values of accountability, integrity, patriotism, inclusivity and teamwork.’
Refle
cting on the 2018-2020 Strategic Plan, Katjavivi expressed joy at the substantial advancements in integrating information and communication technology. He noted that the successful rollout of the first phase of the e-Parliament initiative marks a significant milestone.
The Director of Committee Services at the National Assembly, Joyce Nakuta, said at the event that, ‘as a constitutional democracy, our focus is people-centred; our mission is to provide effective and efficient support services to members of the National Assembly to enable them to execute their constitutional duties of legislation and representation in the best interest of the people of Namibia. Our core value is patriotism; we take pride in devoting ourselves as the National Assembly to the diversity of Namibia and our devotion to the people of Namibia.’
The strategy’s implementation arrangement is spearheaded by the Speaker’s Roundtable, bringing together the secretariat and key stakeholders including the Anti-Corruption Commission, the Elec
toral Commission of Namibia, the Office of the Ombudsman, the Public Service Commission, and numerous civil society organizations, with the aim of fostering accountability.
Source: The Namibia Press Agency