With salary deductions for things like housing levy, increased contributions to health insurance and pension fund, the monthly take home is likely to decrease.
Add a host of other costs that will further decimate that salary such as mortgage payments, bank or other microfinance institution loans, and so on.
In short, there will be nothing to smile about, given the fact that employers are not offering salary raises to cushion employees from the economic shocks.
Due to dwindling economic fortunes, the rising cost of living and a recent review on the interest rates on loans, many financial institutions have classified low income earners as ‘risky’ and are instead showing a preference to lend civil servants whose sources of income are presumed to be more stable.
This only means that the cost of servicing a credit facility could be costlier, which calls for some austerity measures for one to survive these hard economic times. If you are the kind that found yourself in Black Books of your usual lender even though you were honouring your debt obligations on time, here are ways you can stretch that shilling until the next payday.
