CPF Group managing director Hosea Kili. PHOTO | DIANA NGILA
Summary
- County Pensions Fund (CPF) is pushing for compulsory retirement benefits scheme to help curb old age-related poverty.
- CPF Group managing director Hosea Kili said Kenya should urgently formulate a policy that ties opening of bank accounts, registration of businesses, taking loans and voting in a General Election to having a personal pension scheme.
The 45,200-strong County Pensions Fund
(CPF) is pushing for compulsory retirement benefits scheme to help curb
old age-related poverty thought to be responsible for early deaths.
Speaking at a media roundtable in Nairobi, CPF Group managing director Hosea Kili said Kenya should urgently formulate a policy that ties opening of bank accounts, registration of businesses, taking loans and voting in a General Election to having a personal pension scheme.
Speaking at a media roundtable in Nairobi, CPF Group managing director Hosea Kili said Kenya should urgently formulate a policy that ties opening of bank accounts, registration of businesses, taking loans and voting in a General Election to having a personal pension scheme.
“We all agree that the government takes care of our health, roads, electricity and security, among other things.
“It
is time we eased the old people’s burden on relatives and the
government by creating a fund that will initially get government funding
for establishment of a public pension scheme for all Kenyans,” he said.
Mr
Kili observed that changing times called for an urgent resolve to
create the scheme since farming had become unproductive due to reduced
land sizes and unpredictable weather, which deprive many Kenyans of a
livelihood.
“The strategy is to train Kenyans on the
importance to save for old age which will ensure they have a monthly
monetary reward. No Kenyan saves money for old age since it is perceived
to be unimportant but many contribute to saccos, National Social
Security Fund and National Hospital Insurance Fund because it is
mandatory,” he said.
“Let us allow innovation in mobile
telephony where every Kenyan registered to a pension scheme has a small
percentage deducted from their airtime when they use mobile phones and
put this in their pension schemes.”
The CPF controls Sh26 billion in member deposits invested in real estate, government bills, stocks and private equity.
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