[PHOTO: ANTHONY GITONGA/ STANDARD)The Retirement Benefits Authority (RBA) has expressed concern over the poor retirement savings culture among Kenyans. According to the authority, the retirement savings rate in the country stands at 13 per cent, a figure termed too low in the region and far below the world’s average of 20 per cent. RBA Chief Executive officer Edward Odundo identified the young generation and workers in the informal sector as the worst affected when it came to retirement savings. On his part, Liaison Financial Services team leader Tom Mulwa termed the future of the pension scheme in the country as very bright. Addressing the Press on the sidelines of the workshop, Dr Odundo noted there was no pension scheme targeting the workers and hence the poor savings rate.

Source: Standard Digital June 01, 2016 20:37 UTC