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Kenya. Pension bill goes up by Sh40bn in 10 months
Kenya’s pension bill increased by Sh39.5 billion in the 10 months to April, the sharpest growth in five years, highlighting the growing pressure on the Exchequer in paying retired civil servants.
The latest data from the Treasury shows that Kenya spent Sh113.72 billion on pensions in the period under review, a 53 percent jump from Sh74.19 billion in the corresponding period last year.
This is also the first time that Kenya’s expenditure on pensions in the first ten months of a financial year crossed the Sh100 billion mark.
The jump highlights Kenya’s growing pension burden due to the ever-increasing number of workers exiting the public service.
Thousands of public servants retired last year making them eligible for the monthly pension pay from the State.
More than 60,000 government workers retired in the three years to June 2020 and thousands more are expected to exit before the end of the year on attainment of the mandatory retirement age of 60.
Read more @Business Daily
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