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Crisis as counties’ pension dues hit Sh90bn

Pension savings

Sunset years for those leaving public service bleak as amount of money yet to be remitted grows daily.

Photo credit: Shutterstock

What you need to know:

  • Sunset years for those leaving public service bleak as amount of money yet to be remitted grows daily.
  • NSSF debt comprises Sh2.7 billion from devolved units and Sh18 billion from defunct local authorities,
  • Other pension funds are owed over Sh70 billion by the 47 county governments.

Retirerees from county governments are staring at bleak sunset years after unremitted pension funds by the devolved units coupled with interest, surged past Sh90 billion as of January this year.

The unremitted money includes contributions to the Local Authorities Pensions Trust (LAPTRUST), Local Authorities Provident Fund (LAPFUND), the National Social Security Fund (NSSF), and the County Pension Fund.