Kenya. Steady rise of public sector pension schemes laudable
The significant increase in the number of people joining the public sector pension schemes is a major recognition of the vital role they play in securing retirees’ lives. The schemes provide financial security by guaranteeing a stable income in retirement.
The membership increased from 368,795 in the year to June 2022, to 511,000 by June this year, a 38.6 per cent growth in four years.
Besides individual benefits, pension schemes play a crucial role in the national economy by mobilising lifelong savings for investment. They also reduce dependency on family or government assistance, enabling retirees to live with dignity.
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