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{
    "id": 132972,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/132972/?format=api",
    "text_counter": 343,
    "type": "speech",
    "speaker_name": "Mr. Oburu",
    "speaker_title": "The Assistant Minister, Office of the Deputy Prime Minister and the Ministry of Finance",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": " Madam Temporary Deputy Speaker, Sir, I rise here to support the Motion in its amended form. It was difficult for us, as a Government; to support it in its original form. First, it was inaccurate in the sense that the employees who leave employment before retirement age access their contributions. Madam Temporary Deputy Speaker, I want to take this opportunity first to draw the attention of hon. Members to the definition of pension which is a monetary benefit paid regularly by the Government or company to an ex-employee who is officially considered to be too old or too ill to earn money by working. As defined herein, individuals who leave employment before attaining retirement age and are in good health, therefore, do not qualify to be pensioners. In this regard, such a person is not allowed to enjoy what is preserved for the future as doing so would expose him to poverty at old age. We do not want our population to die early because they are completely helpless. The points made by hon. Members that people can invest this money and make money and can even treble the amount, is true but with a very few people. A majority of people, who access their money at early age, squander it. Some marry two wives and end up being very poor when they reach the retirement age. This is more of the rule than exception. The people they were talking about are more of exceptions than rules. Madam Temporary Deputy Speaker, it should also be noted that in countries with low savings like ours, it is important that retirement benefits are accrued and preserved for survival during old age. Whereas vesting endorses entitlement of benefit rights to members, the right to posses or receive the benefits are, however, earned upon attaining retirement age stipulated in the scheme rules and not any earlier. It is also worth noting that scheme members with locked in benefits retain and are entitled to similar rights as other members. Such members are allowed, under the law, to be appointed to serve as trustees, elect trustees and attend to other scheme duties. It is stipulated in the scheme"
}