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The President explained that the surge reflects a revised contribution system aimed at maximizing local resources. He projected that by June 2027, the fund could reach Sh1 trillion, a milestone that could eventually allow Kenya to move away from borrowing from countries like China.
The 175-kilometre highway will link Rironi Interchange to Mau Summit Turnoff and include a 56.38-kilometre section between Rironi and Naivasha via Mai Mahiu, leaving no free alternative route.
Currently, employees earning Sh30,000 contribute Sh1,800 per month, those on Sh50,000 remit Sh3,000, while anyone earning Sh80,000 and above pays the maximum Sh4,320. Employers are required to match the workers’ contributions.
Data from the SRC shows that Sh36.45 billion, or 84 percent of the additional pay, was released between April and June this year.
Contributions to NSSF rose to Sh59.1 billion from Sh25.3 billion the previous year, reflecting the impact of the graduated scheme that replaced the long-standing Sh200 flat rate.
The amended version of the Bill, which has since been sent to the National Assembly, now compels both the MCAs and their respective County Assembly Boards to remit the contributions to the NSSF.
Appellate judges Agnes Murgor, Imana Laibuta and Grace Ngenye-Macharia allowed the appeal, noting that the issues raised by NSSF were of major public importance.
The vehicle carrying the NSSF chairman David Kariuki, his driver, and the bodyguard crashed at Kapingazi Bridge after colliding with another car and plunging into a nearby river.
As of June 2023, total unremitted contributions stood at Sh26.9 billion, with a large portion owed by various government agencies, counties, and former municipal councils.
The audit shows that land in Upper Hill acquired for Sh115 million lacked a valid title deed after its allocation was revoked, raising serious questions about the due diligence process.
According to the NSSF’s latest annual report, the number of active employers stood at 78,009 by the end of June 2024, down from 78,549 the previous year.
The President said the new savings system has significantly transformed how Kenyans prepare for retirement.