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Kenya. Treasury cuts pensions and gratuity cash by Sh42bn
The Treasury has cut the budget for paying retired public servants by nearly Sh42.50 billion, pointing to a growing backlog which will not be cleared by end of June.
The expenditure on pensions and gratuities for the current financial year has been slashed to Sh111.14 billion from earlier estimates of Sh153.64 billion, according to fresh estimates Treasury Cabinet Secretary Ukur Yatani has tabled in the National Assembly.
This came after Mr Yatani said payroll for the public service pension was growing fast and had crossed 300,000 pensioners and dependants last December.
“The National Treasury will roll out, the much-awaited re-engineered pension management system in the course of the financial year [starting July],”CS said in Budget Speech on April 7.
Read more @Business Daily Africa
