Win for retirees as Treasury mulls tax exemption on pension benefits

The National Treasury in this picture taken on August 21, 2024.

Photo credit: File | Nation Media Group

Kenyans who have attained the retirement age of 50 could soon access their pension benefits without incurring taxes as the National Treasury mulls exempting the savings from income taxes.

The move would represent the reinstatement of a similar proposal carried in the now defeated Finance Bill, 2024 and would mark relief to pensioners who have waited for up to 15-years to access their pension benefits tax-free.

PAYE Tax Calculator

Note: The results are not exact but very close to the actual.