Enterprise News
NSSF Set to Increase Monthly Deductions from July
As from 1st July this year, the National Social Security Fund (NSSF) is set to increase monthly deductions in accordance with the stalled NSSF Act 2013 that is beginning to take shape.
The high income learners will part ways with as much as KSH 1,080 each month once the act is implemented. At the same time, the low income learners will part with KSh360, an equivalent of 12% of the minimum wage (KSh6,000).
According to Antony Omerikwa, the fund’s CEO, the act’s long term goal is to ensure that they are able to make monthly stipends offers to workers after their retirement which is opposed to the current one-off payment.
Discussions concerning the same are already underway with participation from the National Treasury, the Federation of Kenya Employers (FKE) and the Central Organization of Trade Unions (Cotu).
The deductions have stagnated at KSh200 since 2001, when the rate was increased from KSh160.
