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{
    "id": 1507220,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1507220/?format=api",
    "text_counter": 268,
    "type": "speech",
    "speaker_name": "Sen. Olekina",
    "speaker_title": "",
    "speaker": {
        "id": 407,
        "legal_name": "Ledama Olekina",
        "slug": "ledama-olekina"
    },
    "content": "(LAPTRUST) or Local Authorities Provident Fund (LAPFUND), how is that set amount of money determined, yet, these schemes are busy investing? We should come up with a scheme whereby, we are able, and I will bring up a Statement here or a Motion to investigate these retirement schemes to see how many members they have. For instance, if you have 10,000 members, how are you paying these 10,000 members? Are you paying the 10,000 members based on a scheme or a particular amount that you have set that they will receive for the rest of their life, or are you paying them based on how much you are making from your investments? If you take Kenya Power and Lighting Company as an example, I know their retirement scheme agency has built houses in Karen. Those houses are being sold for about Kshs103 million. Many cabinet secretaries have bought those houses. Those houses belong to that pension scheme. However, who is benefiting when the payments are being made? Is a staffer of Kenya Power, who has contributed to that scheme benefiting from the money, which the scheme is getting after they have sold those houses? We need to be a bit objective. We also need to know that through these schemes which are being introduced, that we sit here and pass laws to establish them, we are not creating jobs and something which in Britain they call a hole in the wall, like an Automated Teller Machine (ATM) for the CEOs and the Board members always to be milking it, going in there and just getting money. It will be prudent for us to know as a country, when the amount of money contributed by the assemblies is transferred to this new scheme which is being proposed by the Senate Majority Leader, what does the balance sheet say? How much has been deducted from their salaries? How is that money being transmitted and what benefits are they getting? Mr. Temporary Speaker, Sir, I know most of us are businessmen and women here. You know well that if you invest about a million shillings. You expect to get a minimum of 30 per cent in terms of profit. Over time, maybe you have worked for 30 years. Those 30 years that you have worked for, how much can you equate it for? If money has been deducted from your salary and put in that pension scheme, has that money remained as Kshs10,000, or has that money been used by the management of that scheme to do business? It is money you are lending them and not putting it in an escrow account so you can get that money tomorrow. We want to ensure that you continue living a good life. So, unless we rain down on these pension schemes, we will not be doing anything. We will just be creating jobs for a Chief Executive Officer, for a chairperson or our friends who become members. When you look at Clause 24(5) of this Bill, I will read it- “Upon commencement of this Act, contributions required to be made under subsections (1) and (3) shall be deducted by a sponsor from the salary of the member in each month on which the salary is paid and shall be paid into the Scheme together with the sponsor’s contribution before the tenth day of every calendar month or before any other day which may be notified in writing and approved by the Authority.” The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}