June 2025
25Jun

Kenya. Treasury fails to release Sh30 billion in pension payments- CoB

The delays come as the government struggles with a growing pension payout backlog, with the Treasury now under pressure to release Sh57.24 billion in June alone, having paid out Sh165.9 billion between July 2024 and May 2025, out of the total annual pension budget of Sh223.1 billion. Ongoing delays and repeated system downtimes have left retirees in financial uncertainty, with the Controller of Budget revealing that the Treasury failed to allocate Sh30.14 billion in processed pension payments in the nine...

June 25, 2025
News,
Read more...

May 2025
23May

Sustainability reporting on pension schemes the path forward

In an era marked by growing awareness of environmental, social and governance (ESG) considerations, sustainability reporting has emerged as a crucial aspect for organisations, investors and stakeholders. For pension schemes, particularly, integrating sustainability into their reporting frameworks is more than just a regulatory requirement; it’s an ethical imperative that aligns with the long-term nature of their commitments to retirees and the society. Read the complete book here

May 23, 2025
Books, Books, Sustainability, , ,
Read more...
21May

Kenya. Workers welcome state move to exempt pension and gratuity from tax

A section of Kenya Ports Authority (KPA) workers has lauded the government’s move to exempt pension and gratuity from taxes as outlined in the budget for Financial Year 2025/2026. To ensure senior citizens retire with dignity and not distress, the Head of State during the 60th Labour Day celebration announced that pensions and gratuity from the public and private sectors will be exempted from tax. Former Dock Workers Union Leader Paul Abisa described the government’s move to exempt pensions and gratuity from...

May 21, 2025
News, Slider,
Read more...
16May

Seven out of 10 Kenyans struggle financially after retirement- CEO RBA

According to CEO Retirement Benefits Authority (RBA), Charles Mathira, seven out of 10 Kenyans are struggling after retirement because of lack of a savings plan to cushion them. Mathira noted that according to their statistics most Kenyans do not subscribe to any retirement benefits scheme and as of last year December, only 26% of workers had been saving for retirement and they are targeting it to reach 34% by 2029 through various sensitizations. In a speech read on his behalf by...

May 16, 2025
News, Slider,
Read more...

April 2025
30Apr

Kenyan retirees win big as govt exempts pension from tax

How Kenyan retirees will benefit In a statement on Tuesday, April 29, the State House revealed the Cabinet had approved the bill that will benefit retirees in the public and private sectors. By removing pension taxes, the government intends to improve the financial stability of retirees, allowing them to enjoy their post-work years without worrying about additional tax deductions on their pension income. "Retirees will benefit significantly as all gratuity payments, whether in public or private pension schemes, will now be fully...

April 30, 2025
News, Slider, ,
Read more...
08Apr

Kenyans’ pension contributions have almost doubled since 2022

Kenyans’ contributions towards pension schemes have nearly doubled since 2022, data from the Retirement Benefits Authority (RBA) shows. RBA records show pension contributions over the last three years have risen from Ksh.62.73 billion for the half year ending June 2022 to Ksh.118.80 billion for the half ending December 2024. For the six months ending in December 2022, pension contributions were Ksh.70.26 billion, then climbed to Ksh.83.14 billion in the half-year up to June 2023 and further to Ksh.105.65 in the second...

April 8, 2025
News, Slider,
Read more...

February 2025
27Feb

Kenya. The transformative approaches for broader pension coverage

Kenya’s pension penetration rate, at 26 percent, is the third lowest in sub-Saharan Africa, trailing far behind countries such as South Africa, which boasts a 66 percent reach. This disparity underscores a major financial vulnerability for many Kenyans, particularly in the informal sector where pension schemes are either underutilised or deemed inconsequential. The rising cost of living and limited incomes have further constrained the ability of many to save, leaving a substantial portion of the population without a reliable safety net...

February 27, 2025
News, Slider,
Read more...
17Feb

Kenya. Tax reforms usher in new era of retirement security

Kenyans can now contribute more towards their pension without significantly reducing their disposable income following the passing of the Tax Laws (Amendment) Act 2024. The new reforms, which came into effect in December last year, signify a new era of retirement security with a focus on financial stability and healthcare planning, as discussed at a pension stakeholder workshop in Nairobi over the weekend. According to John Keah, the Assistant Director of Market Conduct and Industry Development at the Retirement Benefits Authority...

February 17, 2025
News, Slider, ,
Read more...

January 2025
20Jan

Kenya. NSSF commits to reforms including expedited processing of benefits

National Social Security Fund (NSSF) has announced the launch of several new initiatives targeting workers across various sectors of the economy in a bid to improve social security coverage and financial inclusion. The NSSF, which plays a vital role in providing social security to the workforce, said if was impelementing reforms aimed at expanding its coverage, increasing transparency, and promoting financial literacy among contributors. These changes are part of a broader effort to modernize the social security system and make it...

January 20, 2025
News, Slider, ,
Read more...
08Jan

Kenya. Govt Introduces New Tax Laws on Pensions & Retirement Benefits

The Retirement Benefits Authority (RBA) has announced new tax reforms on pensions and retirement benefits. In a notice, the authority indicated that the reforms were introduced by the Tax Laws (Amendment) Act 2024, effective December 27, 2024. Further, the notice indicated that the changes would address current economic challenges by offering increased tax-free pension contribution limits among other changes. “The Retirement Benefits Authority (RBA) is informing stakeholders and the public about important reforms introduced by the Tax Laws (Amendment) Act 2024, which...

January 8, 2025
News, Slider,
Read more...