Few Kenyans saving for old age

Nearly six million working Kenyans will retire from their jobs over the next 10 years without enough savings to live on, according to a new report.

Only about 400,000 adult workers, said the report, are actively saving for their retirement.

Quoting statistics from the Retirement Benefits Authority (RBA) the report by the Kenya National Commission on Human Rights says many people are living miserable lives after retirement due to failure to save adequately.

It attributes the situation to lack of awareness, especially among those working in rural areas.

The report, Growing Old in Kenya: Making it a Positive Experience, says that the aged are discriminated upon and were among the poorest people in the country.

“Most credit and investment programmes in Kenya have inbuilt discriminatory practices through age barriers,” it said.

Launching the report at a Nairobi hotel on Tuesday, Commissioner of Gender and Social Development Mr Mwakio Righa said that the government had set aside Sh540 million to pay stipends for older people.

He said an existing cash transfer programme for the elderly, which has been running on a pilot basis, will be expanded to 44 districts to cover 33,000 old people.

The programme began three years ago on a pilot phase covering Nyando, Busia and Thika districts.

Each old person will receive a monthly stipend of Sh1,500.

Mr Righa called on donor agencies to come help boost the kitty so as to reach more old people.

It is estimated that Kenya has more than 1.6 million old persons, with the figure expected to rise steadily in the coming years due to improved health care, education and living standards.
A KNCHR commissioner, Ms Wambui Kimathi, asked the youth to care for the older people in society.

“Young people seem unaware that the condition in which older citizens find themselves in today is a reflection of what could very well happen to them,” she said.

The report shows that 65.7 per cent of Kenyans regard old age as a burden to those caring for older persons.