Tuesday, 1 April, 2025
Finance Committee examines pensions (Amendment) Bill, 2024𝐁𝐮𝐧𝐠𝐞 𝐓𝐨𝐰𝐞𝐫𝐖𝐞𝐝𝐧𝐞𝐬𝐝𝐚𝐲 𝐌𝐚𝐫𝐜𝐡 𝟐𝟔, 𝟐𝟎𝟐𝟓
The Departmental Committee on Finance and National Planning this morning convened a meeting with the stakeholders to deliberate on the Pensions (Amendment) Bill, 2024.
This Bill proposes amendments to the Pensions Act, Cap. 189, introducing an automatic cost-of-living adjustment for retired public servants' pensions.
Among the stakeholders the Hon. Kimani Kuria-led Committee met were officials from the National Treasury, and the Salaries and Remuneration Commission (SRC).
During the session, the National Treasury raised concerns relating to potential redundancies and conflicts with the existing Pensions Increase Act, which already provides a framework for pension adjustments.
However, they reaffirmed their commitment to enhancing the economic security and well-being of retirees, emphasizing the need for pension reforms to be fair, sustainable, and consistent with Kenya's fiscal realities and constitutional principles.
The SRC, in their presentation advocated for fairness and equity, recommending that the proposed amendments apply uniformly to all pensioners and their dependents.
They also suggested a phased implementation of the adjustments and proposed that pensions be calculated based on the retiree's final payslip.
Committee Members assured the stakeholders that their input would be carefully considered during when the legislators retreat to review their proposals.