26 September 2023

KENYA: Officers urged to boost super savings

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Kenyan Public Servants have been encouraged to increase their monthly savings under the Public Service Superannuation Scheme (PSSS) in order to have more money when they retire.

An officer from the scheme, Phelis Mwaura advised a mostly young audience of bureaucrats to increase their contributions as they stood to reap benefits when they retired.

Ms Mwaura said the PSSS had more accruing benefits at retirement, hence Public Servants should embrace and own it.

“If you have the ability to save more don’t hesitate. You will require more money when you retire than now when you are still in the Service,” Ms Mwaura said.

“You need to prepare for retirement while still in the Service so that when they go home you don’t become a bother to your families and the community.”

She said some individuals had been retiring and ended up poorer than when they were in the Service because they never planned for retirement while they were still working.

The PSSS came into force on 1 January 2021 and is now at its third phase of implementation.

As from January 2023 employees are contributing 7.5 per cent of their monthly basic salary while the Government is contributing 15 per cent of the monthly basic salary in respect of each employee.

Under the scheme, employees have an option to make additional voluntary contributions above the mandatory 7.5 per cent, although the Government is exempted from any additional contributions.

Nairobi, 26 February 2023

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