Kenyans have been hit yet by another blow following the current move by the World Bank. All Kenyans working in the formal sector may be required to dig deep into their pockets and deposit Ksh 2,000 per month in their salary for the NSSF monthly deductions.
According to The Business Daily, the government has received approval from international financial institutions to implement a deduction of Kshs 2,000 from payments for Kenyans paying National Social Security Fund contributions.
Kenyans are now paying Kshs 200 per month regardless of their salary and this amount has been around for a long time. The new proposal, however, is expected to significantly increase the number.
In its latest economic assessment for Kenya, the World Bank stated that, among other policy reforms, the NSSF amendment law to allow workers to contribute more to the system will have a significant impact on Kenya's inclusive growth.
The new proposal, which is part of the Ruto administration's efforts to promote shaving culture and reduce foreign debt, has received COTU approval.
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