RETIREMENT BENEFITS

Give workers clear pension schemes for better planning

Workers need to save for easy life after retirement

In Summary

• Research has shown that most employees after retirement are faced with lifestyle adjustment challenges. 

• They have numerous categories of pension schemes ranging from Defined Contribution, Defined Benefit, Provident Fund. 

The Retirement Benefits Authority organises annual open days to the public about pension schemes
AFTER EMPLOYMENT: The Retirement Benefits Authority organises annual open days to the public about pension schemes
Image: File

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