Penetration of the informal and private sectors of employment, business owners can sign up for individual pension plans while employers on the other hand can take the responsibility to drive the pension agenda for their employees in a way that if the Government through Retirement Benefits Authority and other concerned retirement regulators effect compulsory pension contribution, just like NHIF and NSSF, employers may then ensure employees sign up and then facilitate deductions for contributions. This would make it cheaper and even a more disciplined way of saving.
The Government can also contribute to this endeavour by effecting tax exemptions for people above 65 years and organising retirement planning seminars to equip citizens with investment and social skills to help them cope with life after retirement.
All said, the power of change begins at an individual level. As the RBA and the Government try to regulate and control insurance companies and other financial institutions retirement schemes, everyone should take the initiative to join a pension savings plan.
{Annette Tindi Muchimuti, Nairobi}
