An officer from the Retirement Benefits Authority has complained the stumpy rates of retirement savings among the youngsters and workers in the informal sector.
James Karani a member of the trustee management in the authority who is also the chairman of the board in Gatundu North says the trend of saving among the youth in Kiambu is worrying.
Speaking at Kamwangi town last Thursday, Mr Karani said it was perturbing that the youth who form a greater proportion of the country’s population were not saving for benefits after their retirement.
He also lamented that there was no pension scheme targeting workforces in the informal sector in the country, and said this could have contributed to the negative trend in savings.
The officer stated that the pension scheme industry was doing perfectly well in the country adding that the sector was worth more than a 100 billion.
Karani expressed hopefulness that by the end of this year, the industry might hit the Ksh. 1 trillion targets in terms of savings and assets.
He accredited the success to proper guideline framework, good leadership and training of staff, adding that occurrences of pension money being mishandled were no more.
He urged youths to direct their savings in payable investments citing that youthful age was the best investment time.
He revealed that the country had 1200 pension schemes, adding that arrangements were underway to work with all Huduma Centres to spread out for more people in all counties.