Mandatory pension can step up retirement security for all workers

Majority of workers still lack easy access to pension plans and savings products. In many cases, options are available but acceptance is low and the situation is further compounded by factors that inhibit or do not incentivise saving. This severely limits many people’s ability to accumulate savings.

Over 86 per cent of Kenyan workers are not covered by any form of retirement benefits scheme - meaning the burden of catering for senior citizens will continue to grow. The self-employed and workers in the informal sector are least likely to have access to a workplace savings plan while those in smaller companies are also at a disadvantage.