Firms freeze workers Sh2bn pension contributions

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Business Daily | by Kevin Rotich

Employers suspended contributions to their workers’ pension schemes running into nearly Sh2 billion between April and September, citing the economic disruptions brought by the Covid-19 pandemic.

The Retirement Benefits Authority (RBA) allowed employers to suspend, modify or terminate their pension contributions following the outbreak of the respiratory disease in mid-March.

The decision, which allowed employers to avoid the usual penalties for pension defaults, was made to give them financial flexibility in light of…

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