The board of the National Social Security Fund (NSSF) has recommended the appointment of David Koros as the new managing Trustee of the fund after emerging top in the just concluded interviews.
The changes expected to be gazetted by Labour Cabinet Secretary Florence Bore in the next few days will see Mr Koros take over from Anthony Omerikwa who left the position last year after serving his single three-year term.
Mr Koros who holds a master’s degree in public policy management from Strathmore University is the outgoing chief executive at Lapfund which manages retirement funds for all employees of county governments and water companies.
“I can confirm that the board of NSSF has recommended to the Ministry the appointment of David Koros as the new Managing Trustee of NSSF,” Labour PS Geoffrey Kaituko told the Business Daily on Thursday.
The position fell vacant following the exit of Mr Omerikwa who left the job last year after serving his single three-year term.
The board of NSSF then named David Mwangangi, an insider, to head the organisation in an acting capacity effective November 2022.
Dr Omerikwa had held the position in an acting capacity for four years until November 22, 2019, when he was appointed substantively.
Mr Koros is expected to take over at NSSF when workers' mandatory contributions have been increased.
The maximum contribution jumped to the current Sh1,080 per month –which is matched by the employer— starting in February.
The contribution, previously standing at Sh200 each for workers and employers, had remained unchanged for decades, partly due to resistance from employers and activists fearing plunder of funds at the State-run fund.
NSSF has been paying an average of less than Sh250,000 when a member retires. The increased contribution, which will rise further over the next few years, are expected to lift the payouts in the coming decades.
NSSF paid an interest of 10 percent in the year ended June 2021, marking the highest return on retirement savings in seven years.