Informal sector, too, needs pension plans

Levels of literacy with regard to the pensions industry are still too low for comfort. After the Government increased the retirement age to 60 years, more Kenyans are now expected to work longer before they can access their full retirement benefits.

Workers who are laid off before reaching this age, can only access their share of contributions to retirement schemes, but not that of their employers, leaving them vulnerable. Only a tiny percentage of working Kenyans belong to some form of pension scheme.