NSSF contributions hike: Employers want more time for staff to adjust their budget
Employers, through their umbrella Federation of Kenya Employers (FKE), have responded to the recent Court of Appeal ruling that upheld the increase of contributions to the National Social Security Fund (NSSF) from KES 200 to at least KES 2000.
In its statement on Wednesday, FKE said due to the tough economic times, it believes that before the Act is implemented, it is crucial for workers and employers to be given enough time to adjust their budgets to save for their retirement.
According to the lobby, the proposed scheme runs the risk of destabilizing the intended beneficiaries and jeopardizing private pension schemes if not addressed appropriately.
FKE said, “ Before the Act is implemented, it is critical to ensure workers and employers are first engaged and provide them with ample time to adjust their budgets to save for their retirement owing to the hard-economic situation the country is facing. Otherwise, the proposed scheme runs the risk of destabilizing the very beneficiaries it intended to assist and jeopardizing private pension schemes.”
FKE also took issue with the six percent contribution from an employee’s earnings, terming it as huge. Furthermore, the group raised concerns about the lack of an implementation framework on whether the deductions will be made from an employee’s total earnings.
“The Act does not clearly stipulate whether the contributions will be deducted as a percentage of total earnings. Raising the pension contributions will be very expensive to both employers and employees and it will impact their take-home pay,” said the FKE.
The NSSF, in a public notice issued following the court ruling, stated that the Upper Earnings Limit (UEL) will be KES 18,000 and the Lower Earnings Limit (LEL) will be KES 6,000.
The Act will require 12 percent contributions from employers and employees, with each portion being six percent and subject to an upper limit of KES 2,160 for employees earning above KES 18,000.
The employee contribution will be directly deducted from their salary and wages, while the employer contribution will come directly from the employer.
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