Employers suspend Sh2.1bn pension contribution on virus

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[Source: Business Daily, by Elizabeth Kivuva]

Employers have suspended a total of Sh2.1 billion in contributions to pension schemes since March as companies took advantage of the Retirement Benefits Authority (RBA) authorised payment holiday to maintain their cash flows.

RBA chief executive Nzomo Mutuku, speaking in a webinar, said the pandemic had weighed down the industry’s long-term assets and cash deposits that stand at Sh1.3 trillion.

RBA in April introduced temporary relief measures that allowed…

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