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Economy

NSSF holding Sh764m from ‘ghost’ contributors

Auditor-General Edward Ouko. FILE PHOTO | NMG
Auditor-General Edward Ouko. FILE PHOTO | NMG 

The National Social Security Fund (NSSF) is holding Sh764 million from unidentified contributors, putting a section of workers at risk of missing out on pension pay upon retirement.

The State-run pension scheme was holding the cash in a suspense account as at June 2016, which is in breach of Kenya’s pension rules requiring all schemes to maintain proper records identifying each worker and amount contributed.

This is Sh16 million more than the Sh748 million reported in the accounts in the year to June 2015.

Auditor-General Edward Ouko who issued a qualified opinion on NSSF’s latest books of accounts suggested the figure could be higher if all files were examined.

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