{"id":83416,"date":"2023-02-10T15:54:13","date_gmt":"2023-02-10T15:54:13","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/cotu-in-agreement-with-new-nssf-rates"},"modified":"2023-02-10T15:54:13","modified_gmt":"2023-02-10T15:54:13","slug":"cotu-in-agreement-with-new-nssf-rates","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/cotu-in-agreement-with-new-nssf-rates","title":{"rendered":"COTU in agreement with new NSSF rates"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>The Central Organisation of Trade Unions (COTU) Kenya has backed the new National Social Security Fund (NSSF) rates. In a press statement on Friday, COTU said that they welcomed the decision by the NSSF board of trustees on behalf of Kenyan workers.<\/p>\n

They said it is an implementation of the NSSF Act of 2013. “The move to immediately implement the NSSF Act, 2013 is a welcomed decision considering it makes it mandatory for employers to ensure workers have a provident fund and a pension scheme,” they said.<\/p>\n

The 2013 Act sought to have Kenyans contribute more to the retirement fund so that they could receive monthly payments after retirement. Initially, Kenyans receive a one-off payment from NSSF after retirement.<\/p>\n

“After receiving the lump sum from the provident fund, Kenyan workers have been left exposed to old age poverty with no social security covering them,” COTU said.<\/p>\n

COTU said that moving forward, Kenyan workers will be contributing to and receiving funds from the pension fund under the NSSF, a combination of the provident fund and the pension fund.<\/p>\n

It was proposed that Kenyan workers contribute Sh2000 from Sh200 initially. COTU told Kenyans that the new NSSF rate is not a tax. “These are funds that you will have access to upon retirement or as provided for by the NSSF Act, 2013,” they said.<\/p>\n

They said they are willing and available to have a high-level consultation to discuss and resolve some of the teething problems that might be associated with the seamless implementation of the Act. However, COTU requested that the NSSF board of trustees appoint a very competent Managing Trustee or CEO who will live beyond corrupt persuasion.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. The Central Organisation of Trade Unions (COTU) Kenya has backed the new National Social Security Fund (NSSF) rates. In a press statement on Friday, COTU said that they welcomed the decision by the NSSF board of trustees on behalf of Kenyan workers. They said it is an implementation of the NSSF Act […]<\/p>\n","protected":false},"author":84,"featured_media":83415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[6857,7003,544],"class_list":["post-83416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nCOTU in agreement with new NSSF rates - kenya<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/cotu-in-agreement-with-new-nssf-rates\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"COTU in agreement with new NSSF rates\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Kenya. The Central Organisation of Trade Unions (COTU) Kenya has backed the new National Social Security Fund (NSSF) rates. In a press statement on Friday, COTU said that they welcomed the decision by the NSSF board of trustees on behalf of Kenyan workers. 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The Central Organisation of Trade Unions (COTU) Kenya has backed the new National Social Security Fund (NSSF) rates. In a press statement on Friday, COTU said that they welcomed the decision by the NSSF board of trustees on behalf of Kenyan workers. 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