By Mwanaharusi Rashid
The Ministry of Labor and Social Protection has unveiled the government’s strategy to empower citizens with their retirement benefits even before reaching their retirement age.
Cabinet Secretary (CS) in charge of the ministry Florence Bore said the strategy is an innovative way of deviating from the traditional norms of utilizing retirement funds.
Speaking during the African Social Security Conference in Daini, Kwale County, Bore said the move is necessitated by the changing trends of living and livelihoods.
“Due to the changes in life, we have to go with the changes so as to meet the needs of the people,” she said.
Declaring it a breaking model of conventional retirement savings, she applauded African countries, including Kenya, South Africa, and Namibia, for pioneering comprehensive social protection programs, benefitting children, the elderly, and individuals with disabilities.
Zamara CEO Sandeep Raichura emphasized the paramount role of social security and protection in bolstering individual and community well-being in the face of enduring challenges like poverty and inequality in Africa.
The Government’s action to facilitate citizens with retirement funds whenever they need them will greatly help the people because some people experience challenges in life while they lack assistance when they have money saved waiting for retirement age,” he said.
However, despite these strides, significant hurdles persist in Africa’s social security landscape. The informal economy remains a formidable challenge, with a large portion of the population excluded from formal protection schemes.
Additionally , limited coverage, especially in rural and informal sectors, compounded by funding constraints and data gaps, has hindered progress.
National Social Security Fund (NSSF) CEO Davis Koros, chimed in with optimism, highlighting Kenya’s commitment to inclusivity and proper fund management, promising expanded social protection for marginalized groups.
“Our dedication to inclusivity ensures that no one is left behind in securing their future,” he said.
CS Bore’s visionary approach signals a dynamic shift in Africa’s approach to retirement funds, ensuring that citizens have the support they need when life’s challenges arise.
