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{
    "id": 1569887,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1569887/?format=api",
    "text_counter": 99,
    "type": "speech",
    "speaker_name": "Hon. John Mbadi",
    "speaker_title": "The Cabinet Secretary for National Treasury and Economic Planning",
    "speaker": null,
    "content": "The final one is the reforms to enhance financial sustainability; transition from defined benefits to defined contribution. To enhance sustainability, the defined benefits scheme cannot work. This is because the life expectancy is going up and with limited resources made available through budgetary provision, we cannot sustain this. Therefore, the new system of Public Service Superannuation Scheme is going to help us a lot in addressing these pension challenges going forward because we are going to have the defined contribution system that is already rolled out. This has been done out of actuarial calculations and it is a better system. Mr. Speaker, Sir, in conclusion, the National Treasury recognizes and values the contribution of retired civil servants and remains steadfast in its commitment of ensuring that their pension benefits are processed efficiently, transparently and without undue delays. The measures outlined above are transformational and will ensure that Kenya’s Pension administration is modernized, digitized and aligned with the international best practices. I submit."
}