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{
    "id": 355670,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/355670/?format=api",
    "text_counter": 307,
    "type": "speech",
    "speaker_name": "Hon. (Dr.) Odinga",
    "speaker_title": "",
    "speaker": {
        "id": 194,
        "legal_name": "Oburu Ngona Odinga",
        "slug": "oburu-odinga"
    },
    "content": "Thank you, hon. Temporary Deputy Speaker, Sir. I could not agree with the previous speaker more. This penalty is supposed to be a deterrent particularly to the employers. Many employers take low interest rates as a non-deterrence because if this window of defaulting is left to the employers, most of the employers would prefer not to borrow money from banks but rather use this money to trade. Because of this, the percentage of deterrence was made very high. Of course, it is too high. The 500 per cent is a bit unreasonable but to put it at 25 per cent, which is the rate at which most banks in the country lend money, will encourage people without any security. That is because when you go to the bank to borrow money, you have to provide some security. However, that is easy money which you just deduct from your employees you retain it and then use it to trade. If we reduce the 500 per cent to 25 per cent, we will encourage employers to continue retaining this money for their own business without going to the credit institutions which are legally mandated to provide credit services."
}