This archive report was first published on 4 August 2020.
On August 5, 2020, Treasury CS Ukur Yattani was set to launch the Public Service Superannuation Scheme (PSSS), the biggest pension scheme in the country.
The new scheme aims to reduce pension pressure on the exchequer and will be mandatory for all new entrants and employees below 45 years old.
Employees aged 45 years and above will have an option to join the scheme by completing the Public Service Superannuation Scheme option form.
The scheme is expected to rake in Ksh2.4 billion monthly revenue, compounded to Ksh28 billion annually.
The Public Service Superannuation Scheme (PSSS) Act was assented to on May 9, 2012, with objectives including payment of retirement benefits to members of the Scheme and ensuring timely payment.
The Public Service Superannuation Fund will have a board of directors with the chairman appointed by the cabinet secretary, along with representatives from the Teachers Service Commission, Public Service Commission, and the Inspector General of the National Police Service.
