Monday, December 5, 2022

Ruto: If you save Sh. 6,000 with NSSF, State will add you Sh. 3,000

President William Ruto has pledged that the national government will top up Sh. 1 for every Sh. 2 that Kenyans will save under the National Social Security Fund (NSSF).

“You cannot pretend you are saving… In order to encourage those excluded to save, I will be proposing a national savings drive to encourage those in the informal sector to save,” said President Ruto.

“For every 2 shillings saved in the scheme to a maximum of Sh. 6,000 a year, the government will contribute 1 shilling for every 2 shillings saved in the scheme.”

Since his inauguration on September 13, 2022, President Ruto has pledged to review the NSSF in a bid to boost savings.

According to the president, the amount of money Kenyans save in the scheme of Sh. 200 per month is too little to amount to anything upon retirement.

“We cannot continue to borrow from the savings of others. We need to build our country with our own savings. Let us borrow from our own savings so that we can give interest to our own lenders,’’ he said.

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“We need to leave an inheritance to our children, not debt and encourage a savings culture. That is the only way we can stop being slaves of our lenders. We should aim to start lending to others.”

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