President William Ruto speaking at the Co-operative University of Kenya when he graced the installation of Benard Chitunga as the second Chancellor on April 30, 2025/SCREENGRAB
Kenyans have saved in excess of Sh280 billion in two years since changes were made in the National Social Security Fund (NSSF) in 2023, President William Ruto has said.
He said this is compared to the Sh320 billion raised in 60 years through the initial contribution of Sh200 per month.
The President said by the end of this year, NSSF contributions
will have doubled the 60-year Sh320 billion.
He insisted that by the next general elections in 2027, Kenyans will
have saved over a trillion shillings in the fund.
“We made the right decisions, today every Kenyan is saving six per cent of their salary and every employer is saving on behalf of their
employees six per cent of their salary.
“From independence up to 2023, we saved Sh320
billion but in just two years from 2023 up to today 2025, we have saved Sh280
billion. By end of this year we will have doubled the money we saved in 60
years and by 2027, we will have saved a trillion shillings because we have made
some bold decisions,” Ruto said.
He spoke on Wednesday at the Co-operative University of Kenya when he graced the installation of Benard Chitunga as the second
Chancellor.
The head of state said that while not many people believe
what he was saying, Kenyans are free to confirm.
He further stated that he will prove all who don’t believe him wrong in the end.
“Not many people here believe what I’m saying but I’m going
to confound the naysayers.”
Since coming into office, Ruto set out to make
changes especially by creating a savings culture among Kenyans.
With previous rates, a total of Sh490,835 was what an
employee would take home after 30 years of contributing Sh200 per month to the
National Social Security Fund, with the employer matching that amount.
After the enactment of the NSSF Act of 2013, it set the
stage for a more substantial retirement savings model that would see Kenyans
take home up to Sh16 million.