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Retirees face bleak future as pension scheme funds fall

Zamara Fanaka Retirement Fund Investments, Asset Consultant, Neha Datta (left) with Chairperson Lucy Kambuni and Deloitte Senior Manager-Audit, Fredrick Odero, during Zamara Fanaka Retirement Fund Investments meeting in Nairobi on Tuesday, April 17 2018.[David Njaaga,Standard]

Kenyan retirees earn much less than the world’s recommended income due to a poor saving culture and high taxation of pension schemes, experts say.

According to data from Zamara Fanaka Retirement Fund, Kenyans retiring at age 55 and above live on about 22 per cent of their pre-retirement salaries, against the global market’s recommended standard of 66 per cent.

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