The Stand-Alone pension scheme is one of the options available to employers who want to set up an organizational pension scheme for their employees. Similar to the Umbrella Scheme, tax relief and ease of attracting top talent are some of…
The poor savings culture in Kenya can be linked to several things such as lack of or irregular income, prioritizing spending, and misconceptions about pension schemes in Kenya. The idea that pension is exclusive to only those who are formally employed…
Successfully saving up for retirement is dependent both on discipline as well as strategies used to increase pension savings. According to a 2019 report by the Kenya National Bureau of Statistics, Kenya’s Gross Savings Rate was at a meagre 5.4%,…
Due to the COVID-19 pandemic, thousands of people lost their jobs or had their businesses collapse. Those who had been saving religiously, were fortunate enough to have their savings cushion them through the uncertainty. Kenya has previously been named as…
Considering that it is not mandatory in Kenya for employers to have an occupational pension scheme, setting up one within your organization may be just what you need to differentiate you from your competitors. One of the things that employees…
Whether you are a member of an occupational or individual scheme, saving money in a pension plan is a sure way of guaranteeing your financial security, post-retirement. One major benefit of pension plans, aside from being a source of income…
Contributions made towards pension schemes are tax deductible. However, this should not deter you from saving up for retirement. There is a maximum tax deductible amount, and income that you earn from investments is tax free. The law in Kenya…
You have been doing research about pension schemes in Kenya, and have even talked to experts. You are however still hesitant because there is one minor detail that worries you – pension withdrawal. Can you access the money if an…
Including retirement benefits for employees is increasingly becoming more and more important. The fact that you have a pension scheme could be the only differentiator between you and the competition when trying to acquire top talent. Retirement benefits not only…
As we get older, we lose the energy and ability to work. It is therefore imperative to think about income sources during retirement. How about the National Social Security Fund (NSSF)? While this may be one income source, it may…
According to the Society for Human Resource Management, work benefits constitute 30% of the reasons why employees leave or stay at their current organizations. What this means is that the businesses that offer better benefits could have lower employee turnover…
Honestly, it’s all down to you. The question you ought to ask yourself is how good are you at picking out the right investment portfolio? If you are thinking of a retirement plan or have one, then you agree that…