This archive report was first published on 6 January 2020.
Old age poverty is on the rise in Kenya, with a significant number of elderly citizens struggling to make ends meet.
According to a recent study by the Sacco Societies Regulatory Authority (Sasra), the number of active and experienced young old retirees (Yold) - workers aged 65 years - is expected to rise above one million in the next decade.
Currently, there are 273,000 Yold workers, comprising 5.51 percent of the 4.9 million sacco membership. This number is expected to increase as another 872,000 now aged between 51 to 59 years, clock the mandatory retirement age of 60 years.
Market research firm Infotrak found that 84 percent of working Kenyans have never heard of old age savings schemes or products, with many deeming pension schemes to be too costly and information on products on offer remaining scanty.
A joint 2019 study by the Institute of Human Resource Management, Enwealth Financial Services, and Strathmore University called for a national discourse on retirement, saying over 80 percent of Kenyans were staring at old age poverty.
County Pension Fund chief executive Hosea Kili said retiring Kenyans require at least 65 percent of their working salary to meet their daily upkeep needs, while Association of Retirement Benefit Schemes council member Jane Gitau concurred that a national discourse was necessary for Kenya to get a policy that understands old people with funding provided for research, social services, and guiding formulation of certificate, diploma to degree level curriculum on old age studies.
