Kenyans in the informal sector have been urged to join pension schemes to secure their future after retirement.
Data from the Retirement Benefits Authority says only 26 per cent of the labour force is actively saving for retirement.
By December 2023, RBA had assets worth Sh1.7 trillion under its management.
RBA CEO Charles Machira said that the public needs to be sensitised on the importance of saving and planning for retirement.
Machira also urged stakeholders in the pension industry to enlighten Kenyans on pension options available.
He spoke during the official opening of the five-day Huduma clinic in Mombasa.
About seven out of 10 Kenyans face the risk of being poor upon retirement.
“The initiative targets informal sector workers, with the goal of enlightening them on the various avenues available for retirement savings," Machira said.
"Additionally, for those already engaged in the sector, we continue to provide free retirement preparation training for scheme members nationwide.”
He noted challenges experienced by retirees, saying the agency is working to ensure they get their benefits 30 days after official day of retirement, as prescribed by law.
Huduma Centre CEO Mugambi Njeru said the centres are ready to partner with RBA to bring services closer to the people.
Mombasa deputy county commissioner Ronald Mwiwawi said the initiative will provide an opportunity to teach residents on how to secure their future.
He said the government is trying to promote a culture of saving for economic stability.
“It’s important to note that anyone earning an income can enroll in an individual pension schemes today and start saving for retirement. We urge all Mombasa residents to seize this opportunity to educate themselves and make informed decisions about securing their retirement,” Mwiwawi said.
