Browsing: Retirement Benefits Authority (RBA)

Kenya has been operating a managed shilling than a free float currency, running a risk of making its exports more expensive in the short run as compared to competitors, eventually causing a reduction in export earnings and the economy’s growth, a report by Amana Capital has established. Reduced growth in revenue, employment and export earnings coupled with increased debt servicing commitments are the key threats facing Kenya’s economy

The Kenya shilling is arguably the strongest currency among the East Africa Community (EAC) member states, giving the region’s economic power house a competitive edge over her peers in international trade. 

READ:Here are Kenya’s biggest trading partners

However, the country has been operating a managed shilling than a free float currency, running a risk of making its exports more expensive in the short run as compared to competitors, eventually causing a reduction in export earnings and the economy’s growth, a report by Amana Capital has established.

Amana’s “Kenya’s Economic Puzzle – Putting the pieces together” report highlighted that 10 years ago, the Consumer Price Index (CPI) stood at 97 but has since shot up to 192 to date, meaning what the value Ksh100 (USD0.99) could buy in January 2009 can only buy 50 per cent of that now.

This translates into a 50 per cent devaluation of the purchasing …

Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed. The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals. Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.

Coverage of retirement schemes in Kenya remains below 50%

Majority of Kenyans securing their old age by saving under retirement schemes are still exposed to tough times during sunset years, a survey has revealed.

The study by pension fund administrator Zamara Group has revealed that though pension’s legislation in the country has improved the governance and operations of the retirement funds, it has done little to improve the coverage and adequacy of retirement benefits to individuals.

Coverage of retirement schemes in Kenya has remained relatively low with less than 50 per cent of the formal sector covered and coverage of the much larger informal sector virtually non-existent.

According to Zamara Group CEO Sundeep Raichura, even those who are saving under retirement schemes have insufficient coverage to provide an adequate income when they retire.

The study which covered 65,000 retirement scheme members, spread across more than 200 retirement funds in the …