Kenya: Banks Set to Hire More Kenyans as Entry-Level Monthly Pay Cut By Sh32,000

7 August 2023
Capital FM (Nairobi)
By Kevin Rotich

Nairobi — Kenyan banks are set to hire more staff after the monthly minimum wage for entry-level positions was reduced by Sh32,000.

The Kenya Bankers Association (KBA) CEO, Habil Olaka, said that the minimum monthly wages for entry-level employees have been cut from Sh82,000 to Sh50,000.

"We actually hit a milestone in terms of reducing the minimum entry point for workers," KBA CEO Habil Olaka said.

"So, we moved it down from Sh82,000 to Sh50, 000 and that will then allow banks to get a lot more at the entry point," Olaka added.

"So, we would actually see the numbers in terms of recruitment going up higher and so our contribution to pay as you earn (PAYE), our contribution to the various segments of tax actually going up."

Data from the Central Bank of Kenya showed that the number of jobs in the banking sector stood at 36,107 as of 2022.

Read the original article on Capital FM.

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