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{
    "id": 568309,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/568309/?format=api",
    "text_counter": 370,
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    "content": "Be that as it may, there were also some fundamental issues, for example, the LAPTRUST as it was before and the way it is running now. One does not get a pension as such at the end of their working life. What you would get is a lumpsum and some of us – I included – were of the opinion that we are going to have a pension scheme. We have seen many people leaving formal employment and within a few years, they are total paupers because the little income they were getting is no longer there. There were some arguments that we should give a lumpsum because the money involved is so little that it may not justify giving a little bit of it per month, perhaps until the end of the person’s life. But the less it is the more important it is; that is, Kshs2,000 or Kshs3,000 per month is very important. The bigger earners can join other schemes and maybe invest heavily. In developed and industrialized countries, the aspect of retirement schemes is taken seriously. As a matter of fact, most of the real estates, including the shopping malls in Europe and South Africa are owned by retirement schemes of one form or another in the Government and private sector. That is the way to go in our country because we are moving forward at a very fast pace. Also, because of poverty in the country, there are many people who do not have a way of taking care of themselves after their active life. Perhaps this is an opportune moment for the Senate to look through this Bill or otherwise and determine what we will do with the masses in formal employment, whose only recourse is the little contribution they do to the National Social and Security Fund (NSSF), which is generally not enough to take care of somebody who retires at the age of 60 or 70 years. God willing, that person has many more years to live and yet, there is nothing to turn to. Mr. Temporary Speaker, Sir, hope now rests in the stakeholders’ conference scheduled in another ten days or two weeks from now. I would urge the Mover of the Bill and Senators generally to attend the conference and approach it with an open mind. Let us not take sides at this time, so that we can determine which way to go. Even if it means rewriting the Bill, I would urge the sponsor to accept that. I am not saying that it will happen, but it is a possible eventuality. Mr. Temporary Speaker, Sir, with those few remarks, I beg to support."
}