Tag: civil servants

How Kenya plans to reform unsustainable pension schemes

In a recent report the International Monetary Fund (IMF) warned Kenya of a potential implosion in the country's pension sector as the gap between retirement dues and savings widens. In 2009 the country rose the retirement age for civil servants from 55 to 60, temporarily staving off the fall out but now with tax collection at 15.6 of Gross Domestic Product (GDP) and pension obligations at 30 per cent, action may have to be taken. Journalist, Joseph Bonyo joins CNBC Africa for more.