The net assets of the government-run National Social Security Fund (NSSF), which provides retirement benefits, increased by KSh1.2 billion from 2021 to 2022, reaching KSh285.7 billion.
The Fund’s financial accounts for the fiscal year that concluded on June 30, 2022, show that Member contributions increased from KSh14.47 billion in 2021 to KSh15.92 billion in 2022, a 10% increase.
The Fund’s main functions include member registration, taking contributions, wisely investing the money, processing claims, and finally disbursing payments to qualified members or their descendants.
The Fund’s return on investments fell from KSh32.7 billion in 2021 to KSh-3.15 billion in 2022.
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This decline was attributable to a decline in net investment revenue from the Nairobi Stock Exchange NSE’s valuation of quoted equities. With significant holdings in the majority of the blue-chip stocks listed on the NSE, the Fund is one of the major players in Kenya’s capital and money markets.
The Fund has said that it would stop taking cheque payments as of July 2023, however consumers may still make contributions through its e-service platform. Employers, as well as self-sponsored and/or voluntary members, may use this system.
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According to the law, the Fund’s investment income must be credited to each member’s account at the rates that the Board may choose, after consulting with the Actuary or another authorized person, and taking into consideration the income generated by the Fund’s assets, determine and approve at least yearly.
