The Pensioneer Trustee Company (Guernsey) Limited

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Employers anxious over new pension scheme

May 10, 2014

Nairobi,Kenya:The Federation of Kenya Employers (FKE) has raised the red flag over omissions in the recently published rules and regulations, meant to operationalise the National Social Security Fund (NSSF) Act. Upon commencement, the Act will give workers an increase of 6 per cent on the employers’ contribution, which was not negotiated.  This affects all enterprises with negotiated collective bargain agreements, which contain clauses on gratuity. Gratuity is a lump sum amount that an employer pays the employee when he retires or resigns from the organisation. “The gratuity clause needs to be ring fenced and made applicable only for the period prior to the increased NSSF rates,” said FKE Chief Executive Officer, Jacqueline Mugo.

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The Pensioneer Trustee Company (Guernsey) Limited is licensed by the Guernsey Financial Services Commission under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000 and subject to The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No.2) 2017.