The talk about higher retirement contributions is misplaced under the current circumstances By Ephraim Njega National Social Security Fund (NSSF) Act of 2013, which sought to increase monthly contributions from Sh200 to Sh2,000, is now legal after Appeal Court judges Hannah Okwengu, Mohamed Warsame and John Mativo ruled that the government will start deducting the new rates. The reinstated law is timely in the context that adequate retirement income is what will transform peoples’ living standards at old age. However, to make social security work, more reforms are needed at NSSF than money. In Africa, social security systems were guaranteed…
Author: NBM CORRESPONDENT
The improved revenue collection comes as technology has enhanced the customs operations’ effectiveness, consequently improving national revenue Kenya’s customs officials have enabled the Kenya Revenue Authority (KRA) to surpass its revenue target by enabling “legitimate trade without hindrances” and preventing threats posed by organized crime, smugglers, fraudsters, terrorists, and even goods that could endanger the citizenry. KRA surpassed its revenue target after collection in the financial year (FY) 2021-2022 hit Sh2.031 trillion. During the same period, customs and border control also collected Sh728.530 billion surpassing a target of Sh702.823 billion, which is a growth of 16.6%, and a surplus collection…
By Prof. Njuguna Ndung’u andProf. Théophile T. Azomahou The COVID-19 pandemic triggered a profound setback after a quarter-century of economic and social progress. Insecurity and political instability are becoming pervasive across Africa. The Russian-Ukrainian war is exposing millions of people to food insecurity, and the most vulnerable are the hardest hit as a large share of their income is spent on food and transport. This is compounded by a harsh drought in the horn of Africa that has affected food supply and food security. In parallel to these shocks that will likely have lasting consequences, African economies still suffer from…
Environmental, social and governance disclosure regulations are being enhanced around the world and locally, particularly for listed firms at the Nairobi Securities Exchange Businesses that strive to maintain responsible corporate citizenship standards are bound not only to track and measure their Environmental, Social and Governance (ESG) impacts, but to be transparent about them through public disclosures. ESG is ultimately a framework upon which companies develop and deploy their sustainability initiatives, including identifying, assessing and managing risks that emanate from social and environmental issues within their entire value and supply chains. As a university student in the early 1990’s the compulsory…
BY CATHY SMITH T he defining leadership challenge of 2023 will be navigating the silent war brewing between employers and employees. “What war?”, you may ask. Perhaps it is easier to explain it as a series of battles happening on many work fronts. The US and other developed markets are facing a challenge that has been dubbed “the great resignation”. Post pandemic, many people are taking stock of their lives and realizing that in the relentless pursuit of career success, they have lost perspective on what really matters. Hours spent behind laptops and steering wheels on long travels, for example,…
TotalEnergies Marketing Kenya, formerly Total Kenya, has launched its 232nd service station in a bid to expand its footprint in the energy market. Situated in Ruiru, along Thika Superhighway, the new outlet will serve customers plying the route that connects neighboring counties to Nairobi, as well as the increasingly growing residential community around the area. Speaking during the launch, TotalEnergies Kenya managing director Eric Fanchini said the investment was in response to customer demand for proximity to the company’s products and services. “We already have about 143 of our service stations fully solarized and will continue to implement the same…
KCB has set aside Sh700 million towards supporting the 16th cohort through secondary school and tertiary education. This will cater for tuition fees for the four years of secondary school, tuition fees for tertiary education, as well as the uniforms, transport, set books, and regular mentorship and psychosocial support throughout all four years of secondary school. The 2023 scholarship will see 1,000 students join various secondary schools across the country from next week, bringing the total number of sponsored students to 4,558. Two hundred twenty students from Western Kenya are part of the 2023 class. Established in 2007 to implement…
Profitable local enterprises seeking to expand their operations and market in Kenya are set to enjoy funding access and business development support from Norfund, a Norwegian investment fund for developing countries, as part of the institution’s commitment to deepening its local presence. The institution’s regional director William Nyaoke said their mandate is to assist in building sustainable businesses and industries in developing countries like Kenya by providing capital in renewable energy, financial inclusion, green infrastructure, and scalable investments, in line with the United Nation’s sustainable development goals. “In Kenya and beyond, Norfund contributes to economic and social development by helping…
Agricultural company Kakuzi has confirmed its participation in the forthcoming “Fruit Logistica” trade show set for Berlin, Germany, as part of efforts to market Kenyan fresh fruits. The Nairobi Securities Exchange (NSE) listed avocado, macadamia, and blueberries producer will be one of the 2,594 fresh produce trade stakeholders participating in this year’s fresh produce trade show. Speaking when he confirmed the firm’s participation in the crucial European market trade show, Kakuzi Plc managing director Christopher Flowers said, the firm will pursue trade engagements in Europe focusing on avocado and blueberry buyers. Kakuzi, Mr. Flowers disclosed, will be attending the trade…
Next month, Kenyan workers will dig deep into their pockets after Court of Appeal judgment allowed the government to implement the National Social Security Fund (NSSF) Act of 2013, which allows the increase of pensions deductions from Sh200 to Sh600 for the lowest paid employee, and Sh1,080 for big earners. Previously, there was a low monetary ceiling on contributions thus the level of benefits after one’s retirement remained inadequate for most workers. For example, the lump sum that workers who were able to pay Sh400 per month for 35 years are assured of about Sh1.4 million. Despite the amount being…
