NSSF projects annual collections to hit Sh118b as new members come in

CEO NSSF Richard Langat at a Nairobi hotel during a breakfast meeting with PUSETU leaders to discuss implicationsof new NSSF ACT.[PHOTO: FIDELIS KABUNYI]

NAIROBI, KENYA: The National Social Security Fund (NSSF) expects to collect Sh118 billion per year from contributors, once it becomes a pension scheme. It is estimated that the value of total assets under NSSF control would be Sh742 billion, pushing it to the top of pension schemes in Kenya.

This is expected to happen when the new NSSF Act 2013 - whose implementation is delayed due to numerous court injunctions by both individual unions and employers - is fully rolled out and all workers in the formal, informal sectors as well as those in self-employment are roped in.