William Ruto Seeks to Raise Monthly NSSF Contributions Tenfold, to Appeal Court Ruling Against Increase – Tuko.co.ke
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President William Ruto seeks to increase monthly contributions to the National Social Security Fund (NSSF) tenfold from KSh 200 to KSh 2,000.
The head of state said the proposal to increase the amount is meant to match one's earnings as opposed to the standard contribution.
Ruto said this would enhance a better savings culture, describing the current amount as a 'joke'.
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He said the government would contribute KSh 3,000 to everyone who saves a maximum of KSh 6,000 annually.
Ruto's proposal was dealt a blow by a three-judge court bench.
Justices Mathews Nduma, Hellen Wasilwa, and Monica Mbaru ruled that the NSSF Act of 2013 was invalid.
President Ruto has indicated he would challenge the ruling declaring the act invalid.
Ruto said he had already engaged the NSSF Board on the matter.
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In other news, Ruto graced the opening of the Nairobi Securities Exchange (NSE) Market Place on Tuesday, October 11.
Ruto said the stock market was significant in revamping Kenya's economy, urging small business owners to take advantage of the trading.
The initiative seeks to revive market activity and boost the NSE stock market growth.
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Source: TUKO.co.ke
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