Thursday, March 30, 2023

Kenyans Should Embrace the New NSSF Tariffs

Kenyans have been dived on the new court order of savings two thousands monthly towards the National Social Security Fund (NSSF). This is ten times from what has been the normal rate.

As a country we don’t have a savings discipline. The government is trying to show us the way forward. At least when there’s law, people will be compelled to save. Change is inevitable, though things are hard now, saving towards your financial future is something to embrace.

We all are replaceble and we won’t work forever. Instead of waiting for $20 monthly stipends from the Inua Jamii cash transfer program in our 70s,we can secure our future. There will be no need to rely on someone to take care of us, burdening others or turning into beggars under someone’s mercy.

The Kenya Kwanza manifestation is built on the bottom up model. They want everyone to participate in growing up the economy. This is also evident from their taxation policies, where everyone is supposed to pay tax.

The new rate will take effect next month. However, for this directive to succeed, we needed public participation. We need to know if our money is safe, this is pertaining to the systems put in place. Employers and employees need time to readjust.

Finally, when one retires, let them access their money as they want. These incidents of one following up their pension money for long should come to an end.