July 2017

04Jul

Kenya introduces new retirement plan for its 500,000 civil servants

Kenya’s introduction of a new retirement plan for civil servants is set to spur growth in the pension fund industry, potentially helping to triple assets under management, according to the head of the new government employee fund. The country’s 500,000 public workers were required to contribute 7.5% of their salaries to the new fund from this month, which would be supplemented by a 15% contribution from the government, Edward Odundo said in an interview in the capital, Nairobi. The fund sought...

July 4, 2017
News, Slider
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May 2017

03May

How pension funds can help relieve Kenya’s debt burden

Kenya’s heavy debt burden could be managed without hurting ongoing execution of the mega infrastructure projects if the government taps into the multi-billion shilling pension funds. That was the verdict of the pension industry leaders meeting in Nairobi last week, under the auspices of an African Development Bank-backed think-tank, Making Finance Work for Africa (MFW4A). African governments, they said, must rethink their sources of development funds and opt for those that best serve the interests of their countries in the long...

May 3, 2017
News
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April 2017
20Apr

Kenya to launch universal pension scheme in January 2018

Everyone in Kenya over the age of 70 will be entitled to a new, guaranteed monthly income after the country’s Cabinet Secretary of Finance, Henry Rotich, announced the launch of a universal pension in January 2018. Kenya follows in the footsteps of Tanzania’s semi-autonomous island Zanzibar, which became the first location in east Africa with a fully state-funded universal pension last April. Making the announcement in his 2017/18 budget speech yesterday (30 March), Mr Rotich revealed that people above 70 will...

April 20, 2017
News
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