President William Ruto has said civil servants will start contributing 3 percent of their income to a Housing Fund
He said this was part of a plan the State will soon introduce.
Ruto said the contribution will help civil servants purchase houses built under the Affordable Housing project
" To enable many Kenyans buy houses under the affordable housing project, we have a housing fund to which we want every Kenyan to contribute 3 percent of their income. If you earn Sh10, 000, 3 percent is Sh300 every month goes towards the fund," Ruto said.
" Every employee who saves 3 percent with the Housing Fund, the law will require their employer to also save 3 per cent," Ruto said.
The President noted that almost 700,000 civil servants in the country will be the first to start saving under the Housing Fund.
" Every civil servant who will save 3 per cent from their income will get 3 per cent of their salary from the government every month so that we can create a fund that will assist the people of Kenya to acquire homes," Ruto said.
The President also said currently, there are only 40,000 mortgages in the country yet there are supposed to be up to 2 million mortgages to measure up to the size of the economy.
Ruto said many Kenyans are living in informal settlements and need an upgrade on the quality of houses they live in.
Ruto targets to build up to 100,000 houses in Nairobi as part of his affordable housing project.
He said the affordable housing project will also create employment opportunities to the youth.
