NAIROBI, Kenya, May 7 – Kenyan retirees will soon be able to get their payments in one day as the National Social and Security Fund (NSSF) moves to address the incessant delays that have faced the fund.
NSSF Chief Executive Officer (CEO) David Koros emphasized the significance of resolving persistent waiting times in the processing of claims, citing the NSSF’s track record of up to a year-long claim delay.
“NSSF has been known not to pay claims for up to one, I think you have heard these stories of Kenyans waiting for their claims until even others may pass without them, but we are going to make this be a past, we will be paying benefits within one day by end of this plan which is 2027,” Koros said Tuesday during the unveiling of its 2023-2027 Corporate Strategic Plan.
“We want when you claim your benefits with NSSF you be able to get them within 24hrs. If you claim your benefits on Tuesday morning, on a Wednesday morning your money should be in your account.”
The NSSF boss added that savings for retirement are not a tax, urging Kenyans that they are good for their sunset years.
He stated that there is a need to improve the country’s savings rate as a percentage of GDP and grow it to a level of about 30 percent.
“Other countries have done it and there is no reason for us to do it, the only problem is Kenyans or rather we to make a difference between a tax and a saving. Savings is to your benefit, members should know they are saving for themselves,” Koros said.
Koros indicated that most of Kenya’s population is young, and if they adopt the saving habit now, they can enjoy a comfortable retirement in the future.
The NSSF 2023-2027 Corporate Strategic Plan aims to address challenges identified during the mid-term review of the last Strategic Plan 2019-2022 in efforts to improve service delivery for customers, various departments, and relevant stakeholders in the country.
