Kenya: Inside New Proposals Affecting Pensions and Provident Funds

President William Ruto has added another layer to his plan to increase the country’s savings, with three changes to the current laws on retirement benefits.

With changes targeting the Income Tax Act, the Kenyans seeking to cash their pensions will soon be exempt from paying taxes. The move will mark a relief to pensioners who have waited for up to 15 years to access their pension benefits tax-free.

However, that is not the only change being mooted. The Treasury, under the proposed…