The State-run pensioner National Social Security Fund (NSSF) net assets grew by KSh 1.2 billion from KSh 284.5 billion in 2021 to KSh 285.7 billion in 2022.
According to the Fund’s financial statements for the year ended 30th June 2022, Member contributions grew by 10% from KSh 14.47 billion in 2021 to KSh 15.92 billion in 2022.
The principal activity of the Fund is to register members, receive their contributions, invest the funds prudently, process, and ultimately pay out benefits to eligible members or their dependents.
In 2022, the Return on investments by the Fund decreased from KSh 32.7 billion in 2021 to minus KSh. 3.15 billion in 2022.
NSSF attributes its marginal return on investments on a depressed NSE
This decrease was attributed to a loss in net investment income from the valuation of quoted stocks at the Nairobi Securities Exchange (NSE). The Fund is one of the big players in Kenya’s capital and money markets with huge stakes in most of the blue-chip stocks at the NSE.
Beginning July 2023, the Fund has said it is no longer accepting cheque payments, allowing customers to remit their contributions using its e-service platform. This system can be used by employers as well as self-sponsored and or voluntary members
The law requires that the Fund’s investment income be credited to the accounts of individual members, at such rates as the Board may, in consultation with the Actuary or such other qualified person, determine and approve at least annually, having regard to the income on the Fund’s assets.
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