20 October 2012

Kenya: Otuoma Calls for Reforms in Pension Schemes

The Minister for Local Government Paul Otuoma wants the government to fast track retirement schemes reforms. Otuoma said the retirement scheme in the country is far from realising its goals due to weak policies and archaic rules.

Speaking in Kisumu during Local Authorities retirement scheme members conference, Otuoma said the scheme has suffered a setback due to lack of reforms in the sector.

"Reforms in the industry are paramount to develope measures that will address these issues without compromising the retirement saving objective", said Otuoma.

He said the retirement industry has over the years suffered setbacks in realising its obligations to Kenyans due to lack of knowledge, unemployment and frequent redundancies.

Laptrust managing director Hosea Kili said his organisation is developing its investment arm for a solid financial base for its members.

The conference was attended by Local Government PS Karega Mutahi, mayors and leaders of local authorities in the country.

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