The main reason driving up expenses was the need to support to family members who had lost jobs or businesses. To supplement their insufficient retirement income, the pensioners turned to Mobile app loans 26 per cent, commercial banks 23 per cent, Sacco loans 14 per cent, Chamas three per cent and other sources. Another finding was that 41 per cent of the retirees had to pay cash for their medical bills, only 32 per cent having medical insurance and 20 per cent used National Hospital Insurance Fund (NHIF). “There is a call for retirement benefits schemes to come up with post-retirement medical funds, where members voluntarily contribute for medical insurance in their post-retirement years,’’ the report said. He study found out that the financial challenges brought about by the pandemic will also affect future retirees.

Source: The Star May 21, 2021 06:00 UTC