Kenya Archives - Page 5 of 16 - Pension Policy International

01FebFebruary 1, 2024

Kenya. Counties owe pension schemes Sh41.2bn – Government Workers Union

Kenya County Government Workers Union has decried continued non-remittance of pension funds by devolved units, stating that the debts currently stand at Sh41.2 billion. Secretary General Roba Duba regretted that counties have been opting to pay “urgent” debts over remitting pension dues. Addressing a press conference in Nairobi, Duba said the union is going to petition the National Treasury to look at ways of addressing the matter urgently. “The issue of pension scheme management has not been given the necessary attention it...

February 1, 2024

NewsKenya, savings

25JanJanuary 25, 2024

Kenya. Pensioners in tears over their delayed gratuity

“I regret having ever worked for the government,” says Mama Pauline Kiragu before she falls into deep silence. This is the cry for justice for millions of aging Kenyans — who worked in the civil service — waiting for pension payments running into billions of shillings. After many years of toil, most of them have retired home lonely fighting vagaries of old age, sickly, weak, dependent and poor. Thousands are unable to access their savings for upkeep and medical care. Others have...

January 25, 2024

NewsKenya, Pension Payout, Public Pensions

10JanJanuary 10, 2024

Kenya. Auditor General’s Report Reveals Ksh.67B Lost Through Fake Pension Scheme Payments

Auditor General Nancy Gathungu has lifted the lid on the Ksh.67 billion loss of public funds through fake payments made to pensioners whose realness is also in question. The performance report by the Auditor General on the fund shows that top civil servants manning the scheme were among others using duplicate IDs to enrol fake claimants, occasioning the loss of taxpayers' money. Officials in the National Treasury are said to have colluded to defraud the pension fund of billions of shillings...

January 10, 2024

NewsKenya, Operations, Regulation

05JanJanuary 5, 2024

Kenya. State lost Sh67bn in irregular pension payments, audit shows

What you need to know: Sh21 billion was paid to 29,387 claimants with shared bank accounts. Sh44.07 billion was irregularly paid to 221,590 claimants with irregular and no tax PIN. Sh1.62 billion paid in lump sum to 962 claimants before their exit dates from public service. The government lost at least Sh67 billion in irregular payments made by the National Treasury’s pensions department, a recent audit by the Auditor-General revealed. The amount paid to undeserving cases is sufficient to construct enough...

January 5, 2024

NewsKenya, Pension Management, savings

15NovNovember 15, 2023

Kenya. Pension returns negative on falling share prices

Kenyan pension schemes have registered negative returns in the quarter ended September on wider losses from equities, a new survey shows. According to the Performance Investment Management Survey by South Africa-based investment firm RisCura, the weighted average return of surveyed schemes was posted at negative 3.06 percent in the quarter from a return of 0.18 percent in the previous quarter. The weighted average return from equities deteriorated to a loss of 10.95 percent from losses of 4.27 percent in the quarter...

November 15, 2023

NewsInvestment, Kenya, Pension Management

13NovNovember 13, 2023

Kenyan Aging Study Aids Sub-Saharan Africa’s Population Shift

The population of Africa is the youngest in the world-but that is expected to change rapidly in the coming decades. Over the next three decades, the proportion of older Africans will triple across the continent. This population will nearly quadruple in Kenya, one of the most rapidly aging countries in Sub-Saharan Africa. And yet demographers report that robust longitudinal data to address the economic and health-related consequences of this demographic transition are largely missing. The Longitudinal Study of Health and Ageing in Kenya (LOSHAK), a...

November 13, 2023

NewsAfrica, Aging, Kenya

09OctOctober 9, 2023

Kenya. Pension fund assets up Sh127bn on NSSF new rates

Pension fund assets rose by Sh127 billion in the first half of this year, boosted in part by the introduction of higher mandatory contributions to the National Social Security Fund (NSSF) and exchange gains on offshore investments. The 8.1 percent growth to Sh1.704 trillion was also boosted by new investments in Real Estate Investment Trusts (Reits), including the Sh6.92 billion Laptrust Imara Investment Reit (I-Reit) which was listed on the Nairobi Securities Exchange (NSE) in March. Read: Pension funds fail to...

October 9, 2023

News2023, Kenya, Pension Management, savings

28SepSeptember 28, 2023

Kenya. 11,000 Retired Teachers Yet to Be Awarded Their Pension 27 Years Later

Treasury Cabinet Secretary Njuguna Ndung'u on Wednesday assured teachers and lawmakers that the government is entering homestretch when it comes to clearing dues owed to some 11,000 retired teachers who are yet to be paid their pension 27 years later. While appearing before MPs, the Treasury Cabinet Secretary told lawmakers that although the government released Ksh16 billion in May to settle unpaid teachers' pensions dating back to 1997, the funds were insufficient to pay all the claims. According to Prof. Ndung'u,...

September 28, 2023

NewsKenya, Pension Payout, Public Pensions

24AugAugust 24, 2023

$1.2m benefits from NSSF remain unclaimed in Kenya

Retirees failed to claim Ksh166.83 million ($1.2 million) in benefits due from the National Social Security Fund (NSSF) by the end of June 2022, the Auditor-General has revealed, with the fund coming under the spotlight over failure to remit the funds to the unclaimed assets authority. The unclaimed benefits were part of accrued payments of Ksh3.6 billion ($24.9 million) at the end of the period, which the state-owned pension fund continually pays out to retirees at the end of their working...

August 24, 2023

NewsKenya, Pension Management, savings

07AugAugust 7, 2023

Engage teachers’ unions before making further NSSF deductions

The payment of pensions and other benefits to teachers and civil servants in Kenya was started by the colonial government, first for Europeans in 1927 and for non-Europeans from 1932. The Pensions Act (Cap.189), of the laws of Kenya, came into operation in its present form on January 1, 1946. Since then, it has been amended from time to time in order to accommodate the changing phases of work and the work environment of workers. The Pensions Act (Cap.189) makes provisions...

August 7, 2023

NewsKenya, Pensions

February 2024

Kenya. Counties owe pension schemes Sh41.2bn – Government Workers Union

January 2024

Kenya. Pensioners in tears over their delayed gratuity

Kenya. Auditor General’s Report Reveals Ksh.67B Lost Through Fake Pension Scheme Payments

Kenya. State lost Sh67bn in irregular pension payments, audit shows

November 2023

Kenya. Pension returns negative on falling share prices

Kenyan Aging Study Aids Sub-Saharan Africa’s Population Shift

October 2023

Kenya. Pension fund assets up Sh127bn on NSSF new rates

September 2023

Kenya. 11,000 Retired Teachers Yet to Be Awarded Their Pension 27 Years Later

August 2023

$1.2m benefits from NSSF remain unclaimed in Kenya

Engage teachers’ unions before making further NSSF deductions