Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Rising NSSF deductions pile pressure on private pension schemes costs
Chief Executive Officer of the Council of Governor Mary Mwiti before the National Assembly Public Accounts Committee at the Bunge Towers Nairobi on August 22, 2024.
Employers are redirecting retirement contributions from private pension schemes to the National Social Security Fund (NSSF) in a bid to shield themselves from higher operating costs as the compulsory deductions rise further this month.
Many employee-sponsored schemes started witnessing a gradual shift when the NSSF Act 2013 triggered a rise in NSSF contributions from the flat rate of Sh200 that had been in place for decades to the current maximum of Sh2,160.
