Saving for Retirement by Kenya’s Informal Sector
Insurance companies in Kenya need to offer financial management education which is a key contributor to ensuring that the informal sector workers save and invest in pension schemes.
Kenya’s vision 2030 targets the provision of high quality of life for all citizens. There are both public and privately run retirement schemes in the country but most citizens are subscribed to NSSF especially those in the formal sector.
In Kenya, the current retirement age stands at 60 years but unfortunately, most people in the informal sector get to that age without a retirement package.
Kenya’s informal sector represents an important part of the economy while playing a major role in employment creation, production, and income generation.
The Kenya National Bureau of Statistics (KNBS) Economic Survey 2021, noted that during the review period, informal sector employment is estimated to have contracted 14.5 million jobs and accounted for 83.4 percent of the total employment outside of small-scale agriculture.
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