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Monday, September 26, 2022 – President William Ruto has vowed to go against the court orders as far as NSSF is concerned.
This is after he confirmed plans to increase employed Kenyans’ monthly savings from just Ksh200 to Ksh 2,000, despite the court orders.
“We are re-engineering that whole space (NSSF) and we want every Kenyan to save. Those who are employed, their employers should match their savings.
“Those who are not employed, the Government of Kenya will save with them. If any Kenyan saves an amount, the Government of Kenya will give them money equivalent to their savings to become part of their savings. It is the only way we can build a culture of savings,” the Head of State remarked.
He noted that it was not logical for all employed individuals, no matter their pay scales, to contribute Ksh200 per month for their savings.
Ruto, therefore, assured Kenyans that he would work closely with members of the National Assembly and their counterparts to ensure that his savings proposals get approved.
“I know there was a ruling this week at the court on matters to do with savings in this country. They have told us to do certain things including going back to the Senate so that we can proceed together. That we are going to do because savings is a must.”
“We cannot continue to borrow from the savings of others. If we are to borrow, let us borrow from our own savings so that we can pay interest to our own savers and build our country with our own savings,” he added.
At the same time, Ruto revealed that plans were underway for the Government to help unemployed Kenyans build a savings culture.
He noted that the state would match a percentage of an individual’s savings with the National Social Security Fund (NSSF) to boost the practice.
On Tuesday last week, the High Court in Nairobi stopped the state’s plan to increase NSSF contributions to Ksh2,068, arguing that there was no public participation involved.
The current contributions were last reviewed in 2001 increasing from the then Ksh160 to the current Ksh200.
The Kenyan DAILY POST.