98 per cent of Kenyan employees to retire poor

Nine out of 10 companies in Kenya do not have a retirement benefits scheme for their staff, a fact that is likely to make employees’ retirement life miserable and raise the country’s burden of dependency.

Most employees in Kenya are not registered in any retirement scheme.

Jubilee Insurance Pensions Business General Manager David Ogega noted that of the current 93,000 employers, only 1,200 schemes are registered with the Retirement Benefits Authority (RBA), which is the regulator for pensions business in the country.