William Ruto: NSSF Contributions Have Grown by 450% Since Govt Increased Monthly Premiums to KSh 2k

 

Kenyans have increased their National Social Security Fund (NSSF) contributions by about 450%. President William Ruto speaking at a past event. Photo: William Ruto. Source: Twitter This followed the move by the government to implement the NSSF Act 2013, increasing monthly contributions from KSh 400 to KSh 2,000. How much has Ruto collected from NSSF?  Speaking in Nairobi during the ITCU-Africa Congress 2023 on Tuesday, November 28, Ruto said his administration will double the amount in the next four and a half years.  "We have increased our contribution to social security by about 450%. We are going to double the money that we are saving at NSSF in the next four and a half years... we will have doubled the money we collected in 60 years," said Ruto. Ruto urged the Central Organisation of Trade Union (COTU) Kenya - hosting the event - the Federation of Kenya Employers, and the workers to continue working together with the government for the transformation agenda. "My good brother Francis Atwoli and COTU movement, and my sister Jacqueline Mugo, that is how transformative things become when leaders work together," he said. RHow new NSSF monthly contributions sailed through In February 2023, COTU secretary-general Francis Atwoli backed the proposals to increase NSSF contributions. Atwoli said the current contributions of KSh 200 are not enough for the retirement benefit of the social protection scheme. He urged workers to embrace the increment, saying it is within the law. Where does NSSF unclaimed money go? Despite the growth of the scheme, Auditor General Nancy Gathungu reported that NSSF did not remit unclaimed assets for the period ending June 2022. According to the report by the EastAfrican, over KSh 173 million retirees' benefits from the scheme were unclaimed. New NSS Chief Executive Officer (CEO) Tito David Koross said he will transform the fund to pay benefits within a day.