The National Social Security Fund (NSSF) is taking a hit from massive corporate and government layoffs. The fund reveals that late disbursements from county governments account for variances in its 2018 collections.
Furthermore, loss of business from the sugar sector led to a shortfall of KSh 40.6 million in revenue.
NSSF is taking hits from reduced contributions as a result of late disbursements from Governments to schools and employees. This deficit is widening as employee bases shrink in companies such as KCB and Barclays. Players in the Kenyan banking space reduced their employee base due to interest rate caps, which affected revenues and revolutionized operations.
Lastly, exclusion of the Fund’s column from the Integrated Payroll and Personnel Database challenges the collection of contributions from governments.