Research has shown that most employees are faced with lifestyle adjustment challenges after retirement due to dwindling cash flow and vulnerability due to age.
There are numerous categories of pension schemes ranging from Defined Contribution, Defined Benefit, Provident Fund which are commonly institutionalised in Kenya. Workers should have well-instituted schemes with a very clear administrative strategy as well as an investment strategy for the members to benefit continually with the exponential growth of the fund.
Mismanagement could lead workers to early graves due to the change of lifestyle. Workers need a saving culture and improve their retirement savings for a good life after retirement.
GDC retirement benefits scheme board member
