Ruto's NSSF delusions and lies.

[Githunguri]

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nssf.or.ke

It has 2.6MN members.

If you bother to check nssf funds,you will not it has assets valued at 235BN...126BN of that value is invested in GOK bonds while 65BN is in cash...Over the last year,NSSF  earned 14BN while 4BN went to payment of benefits and pensions.

Kenya has about 5MN informal business which account over 80% of total employment..the group of informally employed people is over 10MN...I think the solution would be to find ways to absorb these people in NSSF through M-pesa.

If the 10MN paid 2400 shillings annually...that's 24BN which means NSSF can borrow 500BN from international lenders or partner with local banks repayable over a period of 30 years and invest it in GOK projects like the dams pipeline infrastructure he was suggesting or inter county toll roads across the country.

1) Where will he get the 3000 to pay let's say 1MN who contribute 6000 annually?that's over 3BN...and where and how will nssf invest the new money collected?

2) What will be the salary percentage of the 6000?Has he factored the increased cost of living versus the new rates he is suggesting.

3) He should reduce corruption in GOVERMENT the over 500BN stolen annually and focus on cost of living and leave nssf alone.

FRAUD.

[RV Pundit]

Ruto intends to borrow the leaf from Uganda NSS

Complusory - The employer must deduct 5% from the employee's total gross monthly wage and add 10% of the total gross monthly wage making a total contribution of 15% for each employee. The payment of contributions must be paid by the 15th day of the following month.

That mean private and gov sector will contribute 15% of their wages to NSSF. That will massively improve NSSF.

Voluntary pension - gov will pay for those willing to save.

[RV Heavy Hitter!]

President has good ideas. Savings is what makes retired folks enjoy 20+ years past retirements. Without adequate cash after 60, folks tend to go to meet Jehovah early. Every Kenyan that works formally or informally should retire and get retirement benefits equivalent to work input. That is only possible if folks are willing to contribute to savings from both formal and informal employment.
 In Kenya, the kitty would remain solvent for a very long time because there are more young people and a few older adults. Anyone working in the US, about 90% of the US population gets social security checks after 65 until they die. That is besides 401K, pension, and other portfolios from the private saving culture.
Most Kenyans in the US that work for at least ten years can comfortably retire with a minimum of $2589 per month, which is over 300,000 shillings a month. With 401K and other private savings, you can quickly retire anywhere in Kenya/Africa with over 600K monthly income until you die!
Kenya needs a system like this to keep older adults in at least 50-100K monthly retirement benefits until they make their last fart and kick the basket! It is doable because it has been done worldwide.