The Retirement Benefits Authority (RBA) has rolled out a nationwide sensitization campaign to encourage more Kenyans to join the retirement scheme to cushion themselves during old age.
Speaking in Kisumu, RBA Chief Executive Officer Charles Machira said that according to their data, only 26 percent of the country’s entire labour force saves for retirement.
“This spells doom in the coming years if we don’t encourage our people to join this arrangement. This saving culture will adequately propel the desired growth and reduce dependence on relatives when we are no longer in service,” he said.
During the sensitization, Machira said that they will look into challenges and complaints forwarded by members on the various pension funds they belong to.
In addition, they will also solve cases involving retirees who worked and left service but have not been paid their dues.
“I call upon the media fraternity to join us in these discussions to encourage our people to save when they are able against when they will be economically inactive,” he said.
Machira said that one of the challenges they are facing is that the majority of people saving for retirement are in the formal sector and no saving activity from the informal sector.
“In comparison to the 21 million people who have borrowed from the Hustler Fund today, barely 4 million are saving for the benefit scheme. Where are the remaining 17 million people saving?” he posed.
Nyanza Regional Commissioner Flora Mworoa expressed her delight with the campaign.
She urged the Authority to work tirelessly to offer timely payment of retirees’ benefits to save on costs and resources for individuals traveling to Nairobi seeking their dues.
By Fredrick Odiero
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