Kenya. Pension payments fast-tracked as Treasury proposes stiffer measures
National Treasury CS Ukur Yatani revealed that a national retirement policy that will harmonise pension-related laws and enhance accountability is in the pipeline and will be ready by the end of this year.
While unveiling Kenya’s 2021/2022 Ksh3.03 trillion budget in Parliament, Yatani said the policy seeks to achieve comprehensive pension coverage across the formal and informal sector so as to protect the interests of beneficiaries and rights of pension contributors.
“Mr. Speaker, given the disparities in the design of the various existing pension schemes and the attendant laws, it has become necessary that these laws be harmonised, hence the need for establishment of one National Retirement Policy…. In this regard, Mr. Speaker, I shall be publishing this policy by December 2021” he said.
On delay of pension payments, the CS explained that the National Treasury had rolled out targeted reforms increasing processing and payment of pension benefits by 40 pc.
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