The National Social Security Fund (NSSF) in Kenya is set to revolutionize the retirement payment process, aiming to process claims within one day to address the longstanding delays that have plagued the fund.
NSSF Chief Executive Officer David Koros highlighted the significance of resolving the persistent waiting times in processing claims, noting that in the past, retirees have had to wait for up to a year to receive their benefits.
Koros stated during the unveiling of the NSSF’s 2023-2027 Corporate Strategic Plan that the fund aims to pay benefits within one day by the end of 2027. He emphasized the importance of retirees being able to access their benefits promptly, stating that if a claim is made on a Tuesday morning, the money should be in the account by Wednesday morning.
He also emphasized that savings for retirement are not a tax but rather a benefit for individuals in their sunset years. Koros urged Kenyans to adopt a savings culture, noting that the country’s savings rate as a percentage of GDP needs to grow to about 30 percent.
Koros pointed out that Kenya has a young population, and if they start saving now, they can enjoy a comfortable retirement in the future. The NSSF’s 2023-2027 Corporate Strategic Plan aims to improve service delivery for customers, various departments, and relevant stakeholders in the country by addressing challenges identified during the mid-term review of the last Strategic Plan 2019-2022.