Pension firm CPF capitalizes on ICT to grow presence in counties
What you need to know:
- CPF Financial Services to also focus on tapping the informal sector, which accounts for over 80 per cent of the work force but has low pension coverage.
Retirement benefit scheme and commercial services company CPF group, says it will go big on technology to increase its coverage in counties.
CPF says that it is targeting to grow coverage from the current 15 per cent for both public and private sectors through its client scheme CPF Mpension.
CPF Group Managing Director Hosea Kili said that by leveraging on technology platforms and enhancing capacity of its current network in the counties, the company will be able to bring services closer to workers.
“The level of retirement savings in the country is still very low, with the bulk of County workers lacking access to occupational pension schemes through which they can channel their retirement savings,” Mr Kili said during the opening of the devolution conference in Meru County yesterday.
Mr Kili said the challenge going forward was in tapping the rural population who are in greater need of being educated on the importance of current pension programmes.
CPF will focus more on tapping the informal sector, which accounts for over 80 per cent of the work force but has low pension coverage.
Mr Kili also said there was enormous potential to grow the pension industry by capitalizing on the large number of workers in the rural and un-organized sectors that are excluded from pension schemes.
The pension firm, previously known as the Local Authority Pension Trust (Laptrust), was established over 80 years ago as a contributory scheme for staff from the local government.
