Alarm over shortage of pension schemes

More than 86 per cent of Kenyans do not have a pension scheme thus denying them an opportunity to access the various retirement benefits offered by the government.

This has been attributed to the changing nature of the modern workforce with far more diversity and less predictability with regards to individual career paths, family, as well as timing of retirement.

Devolution Cabinet secretary Eugene Wamalwa said anxiety over costs of defined benefits  and employee retirement plans have mushroomed while people are living longer and investment market conditions remain volatile.

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