NSSF collections quadruple on higher member contributions

Oct. 9, 2024 - Business Daily

Monthly collections by the National Social Security Fund (NSSF) have grown nearly five times over, reflecting the impact of enhanced contributions from workers in Kenya. The higher contributions are categorised into two- Tier I contributions which represent pensionable earnings up to the lower earnings limit and Tier II- earnings between the lower earnings limit and the upper earning limit.

All tier I contributions must be submitted to the NSSF while employers with occupational schemes can opt out of the tier II contributions by applying to the Retirement Benefits Authority (RBA). Funds held in the NSSF breezed past the Sh400 billion mark in the year ended June 2024 in the backdrop of the higher deductions.

Total investments held by the NSSF increased by Sh73.89 billion between December 2023 and June 2024 to Sh402 billion from Sh328.

1 billion previously...