Retirement authority to go after firms that do not remit deductions from staff

Retirement Benefits Authority Assistant Director Pension scheme Mr. Samson Oluyundi engages a customer during the launching of civil servants' sensitization on how to save for the future after retirement at Kakamega Huduma center on November 22, 2022. [Benjamin Sakwa, Standard]

Only 25 per cent of Kenyans save for their retirement benefits, the Retirement Benefits Authority (RBA) has said.

James Ratemo, the Senior Officer of Research Strategy and Planning at RBA said the numbers cut across the formally employed and those in the informal sector.

"This shows clearly that Kenyans are not ready for retirement," he said at Kakamega Huduma Centre during a sensitisation campaign on the importance of saving.

He said RBA wants to entice 30 per cent of Kenyans to save by 2024, especially those in the informal sector who think saving is only for permanent and pensionable employees.

"We are partnering with Micro and Small Enterprise Authority to sensitise people, especially youth to embrace saving," he said.

He said RBA receives complaints from employees of universities, sugar factories and other private companies that their money was deducted but not remitted.

"We will be going after such organisations and if any is found culpable, action will be taken against them," he said.