President William Ruto has encouraged citizens to embrace savings, even as they continue to earn their salaries.
Speaking during the Social Protection Conference in Nairobi, the President said the need for saving will enable Kenyans to eliminate old age poverty and instill a culture of savings even to the young ones.
"Savings is not a tax, savings is not a burden, it’s the money you set aside for when you’ll be in desperate need," he stated.
The head of state further expressed that many of the recipients of the cash transfer program in the social protection are former workers who did not save during their working days.
Notably, Ruto said, it was unfortunate the vulnerable people in the community were not receiving adequate support as they should.
"We have had social protection money disbursed even as late as after seven months, which is late from the stipulated time, it is grossly unjust to wait for whatever time," he said.
"Older citizens, orphans and vulnerable children, as well as people living with extreme disability, have a right to receive support now."
The president also encouraged citizens to save via the Hustler Fund as it would be easy to access it in future.
"Right now, we have an option of saving through the fund without borrowing money."
The head of state said the standard for social protection is a good measure of sustainability and the promise of shared prosperity.
"From June 1, before salaries of the public servants are paid, cash transfer of the vulnerable will be disbursed, the cabinet approved and I have also instructed the Ministry of Treasury about the same," he added.
He also noted that too many people cannot afford a decent living, and are vulnerable, marginalised and at risk of being left behind.
"16.1 per cent of Kenyans live below the poverty line at the moment. The number of people living in extreme poverty peaked during the covid pandemic, reaching 8.9 million people," Ruto added.
