MPs seek penalties for employers who fail to remit pension deductions

A section of Members of Parliament are pushing for amendments to pension law to introduce penalties for employers who deduct pension contributions from workers’ salaries but fail to remit the funds to the relevant schemes. While debating audited financial statements for 5 funds, among them the Equalization Fund and the Superannuation Fund, in the National Assembly, legislators noted that failure to remit deductions has left retirees struggling to access their benefits. This is despite a presidential directive that retirees’ funds be settled within 10 days after retirement. The MPs also raised concerns over pension funds being invested in illiquid assets, making it difficult to convert them to cash when needed. Connect with KBC Online; Subscribe to our channel: https://t.ly/86BKNc Follow us on Twitter: https://twitter.om/KBCChannel1 Find us on Facebook: https://www.facebook.com/kbcchannel1TV Check our website: https://www.kbc.co.ke/ #kbcchannel1 #news #kbclive