President William Ruto has said that the government is eyeing to raise over one trillion from the National Social Security Fund (NSSF) by 2027.
The President said the country undertook to build a culture of savings to create long-term investment resources.
He added the resources go to fund the country's growth and development and provide a better retirement for Kenyans.
Ruto said the new NSSF contribution model has enhanced monthly contributions by four and a half times.
"The fund will therefore raise an additional Sh400 billion in the next five years, tripling the value from Sh320 billion to over Sh1 trillion by 2027," he said.
"Furthermore, our countrymen and women no longer have to wait for over three months to receive their retirement benefits."
Ruto added that NSSF processing turnaround time has improved from an average of 82 days to 10 days with further reduction in the processing period to within a day in the next year.
This, he said, is due to digitisation and automation.
The President said that the universal health coverage plan seeks a paradigm shift in the provision of healthcare, from a curative to a largely preventive and promotive approach.
"Our radical transformative plan has seen the enactment of four Acts of Parliament, for which I thank our legislature, as well as the roll-out of 100,000 community health promoters, for which I thank county governments," he said.
The President added that the laws provide a framework in the Emergency, Chronic and Critical Illness Fund that will liberate Kenyans from the burden of catastrophic hospital bills for the treatment of conditions like cancer, diabetes, hypertension and other critical and chronic conditions.
He said the new funding framework that is fair, equitable and progressive will see the government pay for all vulnerable Kenyans who cannot pay.
"Those currently paying Sh500 will have their contributions reduced with the least paying Sh300. To enhance efficiency and eliminate pilferage in the healthcare system, the new digital law will underpin the digitisation of the entire service delivery framework," Ruto said.
