National Social Security Fund (NSSF) Chief Marketing Manager Olive Lumonya has categorically stated that a total of over 26,000 workers whose names appear to be missing in their registers shall be published on local media. This according to Lumonya would assist in updating their records since companies have been making monthly remittances for their employees yet their fund is never accounted for. “This would ensure that all workers whose names would be availed in the register would now begin to closely monitor their monthly savings,” said Lumonya.
According to a speech issued by the officials during a press briefing, it emerged that a total of Ksh.10 billion deposited in fund hasn’t been registered in the names of the respective beneficiaries. “We do have people who have been in employment but have never registered for the fund yet their employees submit their remittances to the fund. The current register in our database dates back to the year 2005 and there’s a big need to have it updated to reflect the current position,” explained Lumonya.
According to NSSF’s data, about half a million registered workers are currently saving with the fund. It’s apparent that the nation has been known to have some of the worst records in terms of savings due to the unpredictable harsh economy. However, a total of $700 million has been approved as the estimated amount of money held in form of savings in the fund.
This poor saving culture can only be solved by good performance of the country’s economy mainly through liberalization of the sector.
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