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nssf bill: exactly what workers want
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newfarer
#1 Posted : Monday, October 15, 2012 9:44:33 PM
Rank: Elder


Joined: 3/19/2010
Posts: 3,504
Location: Uganda
this bill is what highly indebted kenyan workers need.
1.you will be able to save 6% of your gross.employer will also contribute 6%.(an automatic 6% payrise)

2. if you lose your job after contributing for 3 yrs you will receive 5000 per month for 6 months ukitafuta msimamo

3.you get 30% tax savings of the amount you contribute as nssf is a defined pension scheme.
4.you will have sufficient funds for your sunset years.
it is not like the shifty madahana nhif plan
punda amecheka
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Lolest!
#2 Posted : Tuesday, October 16, 2012 7:19:32 AM
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Joined: 3/18/2011
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Location: Kianjokoma
Now think about it from the side of the employer. Having to pay 6pc for each employee
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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newfarer
#3 Posted : Tuesday, October 16, 2012 7:25:44 AM
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Joined: 3/19/2010
Posts: 3,504
Location: Uganda
Lolest! wrote:
Now think about it from the side of the employer. Having to pay 6pc for each employee


a small cost to billions minting employers.
can easily recover this from improved effiency and reduced wastages with happier employees
punda amecheka
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Layman
#4 Posted : Tuesday, October 16, 2012 7:48:34 AM
Rank: Member


Joined: 9/21/2006
Posts: 422
Location: Nairobi
newfarer wrote:
this bill is what highly indebted kenyan workers need.
1.you will be able to save 6% of your gross.employer will also contribute 6%.(an automatic 6% payrise)

2. if you lose your job after contributing for 3 yrs you will receive 5000 per month for 6 months ukitafuta msimamo

3.you get 30% tax savings of the amount you contribute as nssf is a defined pension scheme.
4.you will have sufficient funds for your sunset years.
it is not like the shifty madahana nhif plan


My employer and myself already contributing 7.5% each and I enjoy all the things you have listed except number 2 which is negligible and i can forego. I would prefer the employer based scheme to NSSF. I hope the NSSF thing will not be an addition to what i already contribute because that will be tooo much for me to afford from my payslip.
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chiaroscuro
#5 Posted : Tuesday, October 16, 2012 8:38:19 AM
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Joined: 2/2/2012
Posts: 1,134
Location: Nairobi
Will NSSF remain mandatory or will one now be able to opt out and chose any other scheme operated by the private insurance industry?

If it is mandatory, then you can be sure they will have no motivation to keep all those juicy promises. You will contribute your money to a bottomless pit and never get it back!
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Lolest!
#6 Posted : Tuesday, October 16, 2012 11:19:48 AM
Rank: Elder


Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
newfarer wrote:
Lolest! wrote:
Now think about it from the side of the employer. Having to pay 6pc for each employee


a small cost to billions minting employers.
can easily recover this from improved effiency and reduced wastages with happier employees

employers minting billions? How many businesses make 1b in Kenya?

BTW, did you know you are supposed to pay NSSF for your domestic servant, farm worker too? Usisahau minimum wage ni 8,500.

I think it's a good move for by govt fosocial security but it may lead to a slight increase in unemployment levels or discourage firms from awarding their staff pay hikes.

Improved efficiency? Laughing out loudly Laughing out loudly wacha jokes bana! You remember during the campaigns for the new constitution we were told that a bigger govt would not be a problem as we would experience greater efficiency. Now we have to pay more taxes!!

Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
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King G
#7 Posted : Tuesday, October 16, 2012 11:44:57 AM
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Joined: 6/20/2012
Posts: 3,855
Location: Othumo
Layman wrote:
newfarer wrote:
this bill is what highly indebted kenyan workers need.
1.you will be able to save 6% of your gross.employer will also contribute 6%.(an automatic 6% payrise)

2. if you lose your job after contributing for 3 yrs you will receive 5000 per month for 6 months ukitafuta msimamo

3.you get 30% tax savings of the amount you contribute as nssf is a defined pension scheme.
4.you will have sufficient funds for your sunset years.
it is not like the shifty madahana nhif plan


My employer and myself already contributing 7.5% each and I enjoy all the things you have listed except number 2 which is negligible and i can forego. I would prefer the employer based scheme to NSSF. I hope the NSSF thing will not be an addition to what i already contribute because that will be tooo much for me to afford from my payslip.


the 6% is at the prevailing minimum wage and not your current salary!
Thieves
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Layman
#8 Posted : Tuesday, October 16, 2012 12:04:39 PM
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Joined: 9/21/2006
Posts: 422
Location: Nairobi
[quote=King G]

the 6% is at the prevailing minimum wage and not your current salary![/quote]

No, its your salary. Why would your contribution be based on the salary of somebody else? Wacha jokes bana!
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kimiri
#9 Posted : Tuesday, October 16, 2012 1:07:16 PM
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Joined: 3/12/2008
Posts: 215
My sentiments are that it should not be mandatory for everybody i.e. one should be able to opt out if you are already in another scheme. I do not know what returns NSSF savings get because this should be competitive. I also don’t like the idea of an employee getting only a small portion of his savings (30% I think) at retirement and the rest in small bits as this would not be very useful where the retiree wants to use the savings as capital for business. After all some people like me do not plan to be employed until we are 60.
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Wendz
#10 Posted : Friday, October 19, 2012 9:28:03 AM
Rank: Elder


Joined: 6/19/2008
Posts: 4,268
Layman wrote:
newfarer wrote:
this bill is what highly indebted kenyan workers need.
1.you will be able to save 6% of your gross.employer will also contribute 6%.(an automatic 6% payrise)

2. if you lose your job after contributing for 3 yrs you will receive 5000 per month for 6 months ukitafuta msimamo

3.you get 30% tax savings of the amount you contribute as nssf is a defined pension scheme.
4.you will have sufficient funds for your sunset years.
it is not like the shifty madahana nhif plan


My employer and myself already contributing 7.5% each and I enjoy all the things you have listed except number 2 which is negligible and i can forego. I would prefer the employer based scheme to NSSF. I hope the NSSF thing will not be an addition to what i already contribute because that will be tooo much for me to afford from my payslip.


Same here. I contribute 21% and my employer 21% towards my provident fund. I do not contribute to NSSF. if i wanted to "voluntarily" contribute, would they still ask for a 6% of my salary or i can choose what to pay up?
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kimiri
#11 Posted : Friday, October 19, 2012 9:57:15 AM
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Joined: 3/12/2008
Posts: 215
An interesting article on NSSF contributions in last Wednesday’s daily nation. I agree with Kisiero that the government needs to go slow here. There is no need of substituting what is working with what we are not very sure about. And after witnessing the corruption at NHIF, we can’t be sure that NSSF is not going to follow suit.
http://www.nation.co.ke/...4/-/sgo7bw/-/index.html
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