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{
    "id": 1341028,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1341028/?format=api",
    "text_counter": 298,
    "type": "speech",
    "speaker_name": "Dr Susan Nakhumicha",
    "speaker_title": "The Cabinet Secretary for Health",
    "speaker": null,
    "content": " Thank you, Hon. Temporary Speaker and Members. As I requested earlier, it is true that I had a written submission giving the settlement date as 30th November, 2023. However, based on the new advice we have received from RBA, I would like to seek for more time. I can only advise as to when we can substantially close that matter after I have read through the advice. Since this matter came up, we have had advisory from the RBA four times; in 2019, 2021, 2022 and 2023. I request for your indulgence that you allow me to look at the new advisory that has come and see how best we can take care of the retirees. However, I would like to clarify that on a monthly basis, the retirees receive their money. It is an ongoing exercise. The monthly pensions have not been locked up somewhere, waiting for the conclusion of this matter. The retirees receive their dues on a month-to-month basis. I would also like to say that the same RBA has also given a directive that it is important that even as retirees continue to petition for extra benefits, the scheme currently has an actuarial deficit of Kshs7.5 billion and the funding level is at 50.1 per cent. Further recalculation of the benefit is likely to bring this funding to below 50 per cent. The RBA itself has advised that whenever the funds are below 50 per cent, the trustees will be expected to process benefits to the extent of the funding level with a requirement of the sponsor to cover the balance. The National Treasury has been supporting the scheme annually with Ksh100 million. However, this still does not meet the requirement. We have so far put in a request of Ksh300 million from the National Treasury to support the pensions scheme. I will, therefore, wait to be able to advise the House at a future date once we have harmonised with the new advisory that we have received. On the issue of mental health, I seek your indulgence that I respond to the question later because there is a related Question. I will be able to respond to it then. I submit."
}