Gov’t to punish employers not remitting employees’ deductions to Saccos

The Cooperative Bill 2023, recently approved by the Cabinet, will penalize employers who fail or delay to remit employees’ deductions from salaries to Sacco accounts within 7 days. The Bill proposes that employers who fail or delay to remit the deductions shall pay the amount deducted with compound interest accrued at a rate of not…

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SACCO

Over Sh5 billion Owed to Saccos by Employers in Non-Remittance, Report

By Our Reporter Despite the stellar performance of the Deposit Taking (DT) Saccos during the troubled 2020 financial year, Sacco regulator SASRA blames perennial delays in remittances of statutory deductions for topping the list of un-warranted challenges that hamper the growth and development of the societies. According to the SASRA’s 2020 Sacco supervisory annual report,…

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