Uhuru Retirement: The National Treasury has set aside a pension and retirement budget for President Uhuru Kenyatta who is set to leave office in August next year.
According to estimates that have been tabled in parliament, the National Treasury has allocated an extra Sh. 80 million for the monthly pension of retired presidents from July next year.
“The Treasury has also increased an allocation for the retired presidents’ pension from the current Sh. 34.4 million, which caters for former President Mwai Kibaki’s retirement benefits, to Sh. 42.42 million starting July next year. This translates to an additional monthly pension of Sh. 666,700 that matches the amount that will be due to Mr Kenyatta in line with the Presidential Retirement Benefits Act, 2003,” a report that appeared in the Business Daily on the allocation said.
The report noted that in Kenya, a retired president’s once-a-month pension is set at 80 percent of his pensionable salary. This is equivalent to 60 percent of Sh. 1.44 million monthly pay offered to the sitting president.
Upon retirement, President Uhuru will also gain other perks like fuel, house and entertainment allowances. This will push the overall benefits he will take home above the salaries and allowances of top chief executive officers of State-owned firms like KenGen, Kenya-Re and Kenya Power.
