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{
    "id": 132938,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/132938/?format=api",
    "text_counter": 309,
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    "content": "I want to begin by correcting some misinformation. The move by the Government to increase retirement age to 60 years has nothing to do with this. Retirement age still remains at 50 years, but the mandatory retirement age is 60 years. That means that you can retire at 50 years. You can access your retirement benefits at 50 years. However, you can continue working until you are 60 years. It is good to inform our people. Those are important things. It would be sad to open a pandoras box where everyone who is out of work goes to collect---There are many cases which come to us, as hon. Members. Someone will say that he or she left employment at a certain company and has not yet been paid their dues. There are so many such cases which come to our desks. Those kinds of Questions also come to the Floor of this House. The difference is that some people are looking for that Kshs4,000 only. However, that Kshs4,000, can be paid even now. The only thing that cannot happen is that one cannot access the contribution of his or her employer. Why must you not access it? If you know anywhere where that kind of thing cannot collapse an economy, I would be very willing to be informed. I have been to Singapore. I have seen what happens in Ghana. The infrastructure of Ghana is built using those funds. In fact, this Parliament needs to come up with water- tight rules of investment so that the Kshs300 billion held by Retirement Benefits Authority (RBA) could be invested by in such securities as the Minister attempted to do here last June. The money should be invested in Government securities where people cannot lose their money. We know that the country has gone through some difficult periods with National Social Security Fund (NSSF) and other things. However, that was corruption in the past. Sealing corruption does not mean that you are making your own country corrupt. It would be sad to have people with small investments, spend all their money and die in retirement. Let me inform the House that not all retirees can do business. In fact, the whole idea of saving for retirement is that when you are not strong enough to work, you can earn from your retirement benefits and make a better living. This House can help guide this country to the right direction. As I said, look at the case of Singapore. The average age of living is about 78 years for men and 80 years for women. That is because they save well. When they are in retirement, they are not expected to go and look for work. They are retirees. They have a way of looking after their senior citizens. We cannot tell people--- For example, it this was to be the case, there will be people like James Ochieng Ogona who has inspired the hon. Member to do this. However, if everybody who has saved up to Kshs1.5 million said he wanted 10 per cent of it, how much money would you give to people who have no idea of how to invest that money? That is the money that people should draw from when they retire. There is an issue relating to the example that has been given by my colleague, hon. Mututho. Right now, the Government has done better than giving the Kshs4,000. I listened to the Budget Speech very well and I think if we could look at it, the future will be better if we invest well in our economy."
}