The government has revealed plans to review the pensions scheme to enable all employees to save for retirement homes benefits as well as pay for medical care after they go for retirement.
As per to the National Retirement Benefits Policy published by the National Treasury, most employees are facing challenges in accessing housing and healthcare services immediately after they quit service for retirement.
Treasury has pointed out that several retirement plans have not been giving room for employees or individuals to save for the two primary needs which are important .
Retirement homes and medical care after they go for retirement make up a significant portion of expenses for retirees over the age of 65.
Without proper planning, the rising population of individuals above 65 years old is putting pressure on the existing mechanism for providing elderly care that is currently inadequate.
The conditions further gets worse where there is breakdown of the family support system as indicated by the policy document.
The Treasury CS Prof Njuguna Ndungu, addressing the press at his office noted that it is credibly for the government to update existing laws in to cater for a regulatory framework for retirement schemes inorder to offer savings plans .
Most importantly, the this should include retirement homes and elderly care which should be implemented on measures that motivate employers and employees to make contributions toward Post-Retirement Medical Funds.
The Treasury CS Prof Njuguna Ndungu ;Image/Courtesy
At the moment, individuals are making savings for their retirement through monthly salary deductions that will enable them receive a monthly stipend after retirement to facilitate meeting their basic needs.
National Social Security Fund (NSSF) stands out to be the one of the prominent state-owned institutions currently providing retirement benefits.
At the same time, the government is looking to establish guidelines that will ensure that individuals should access retirement benefits before reaching the age of 65.
That’s a good plan though, but why don’t you also plan to give the same retirees their benefits as soon as they leave employment? Some take as long as two years before they are sorted out.
This is very common in teaching profession.
The concerned group to something about it.we are literally stuck.
You are always planning to increase deduction from employees but not planning on your side to see to it that retirees get their benefits soonest possible, currently some takes more than three years before getting their dues, I heard so has to bribe so that his or her file reaches the treasury the soonest for consideration. For sure, you in authority need to be considerate, use your office to serve these poor men and women, in so doing our Nation will be a blessed Nation.
All these deductions in the name of when one retires, has made life hard at the moment until you wonder whether one can educate his siblings, how much do you pay at first place before thinking of all times deductions? Device other methods of finding money for government not only from salary.
Something must be done, some teachers have died before even getting anything. Let those in charge take charge.
i fear retiring, not that i woudnt like to, but because of the hallowing experience i would meet at pension office, asking for a great share from rhe pension i am entitled to.
and am told they dont laugh with you., bulge to rheir demand, and you get your sum muched oof, hold on tight, no giving in , and you you may die of waiting blood pressure rise.
hii ni kenya.
H.E pres. Ruto do something,, ukweli wa mambo, you kow both of us will retire rhe same year.
wewe ukihesabiwa retiement plan yako, pia sisi ambao tutakuwa pamoja uhakikishe pia nasi twahesabiwa yetu., mkubwa!
When it comes to payment,one is taken left right till he/dies. Make it automatic without any other logistics