Tuesday, November 1, 2022 – Central Organisation of Trade Unions (COTU) Secretary General, Francis Atwoli, has supported President William Ruto’s radical proposal to increase retirement savings deductions from the current Sh200 to six percent of an employee’s monthly salary.
Speaking on Tuesday, Atwoli said the current National Social Security Fund (NSSF) deduction rate was inadequate and is the lowest in the East African region.
“For instance, a person (who) has worked for 30 years with monthly deductions of Sh200 will take home Sh144,000 upon retirement, which is not sustainable and (this) exposes them, at old age, to poverty,” Atwoli said.
Atwoli urged Kenyan workers to support the increase so they would benefit from the savings during old age.
“We would like to make it clear for all Kenyan workers and Kenyans, in general, that we fully support the increment in NSSF deductions from the current Sh200 to the six percent rate as captured in the NSSF Act,” the COTU boss said.
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