Labour Principal Secretary Dr. Khadijah Kassachoon has revealed the government has put in place measures to promote the culture of saving and ensuring that social protection coverage to all workers regardless of where they work.
Speaking at the National Social Security Fund (NSSF) AGM in Nairobi, PS Kassachoon said that the poor saving, rising life expectancy and fixed retirement age implies that those who are saving are inevitably going to need more pensions for a longer period.
Kassachoon said many workers in the formal sector are members of NSSF, but 83 percent of the working population in the informal sector aren’t part of it, saying with 83 % of Kenya workers not saving for retirement, the nation faces a potential crisis in caring for the aged population, “46.9 percent of people live below the poverty line and 19 percent below the hardcore poverty level,” she said.
