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Browsing: pension schemes in Kenya
Economic prospects are predicting that 2021 will be a happier year for Pension Schemes. The devasting impact of Covid-19 had far reaching implications on the pension sector, especially in 2020 caused by several factors.
Also Read: Covid Economics: Kenya’s navigation of debt relief
- We had massive payouts, especially in the hospitality sector as companies closed down and retrenched. Pension scheme members made early access to pension benefits to cushion their financial well-being.
- A number of employers could not afford contributions funding to pension scheme and So they adapted to this challenge by obtaining a reprieve from the Retirement Benefits Authority to have temporal suspension of contributions deduction and remittance.
- The stock market also had a significant dip in valuations occasioned decline in earnings from a number of counters especially banking sector.
- In 2020 the GDP growth dropped to 1% growth compared to the projected growth of about 5%.
Despite the …