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{
    "id": 662163,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/662163/?format=api",
    "text_counter": 194,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
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    "content": "The retirement benefits sector has continued to experience significant growth. The Government is, however, concerned about the confusion, duplication and unhelpful competition that has characterised the retirements arrangement for workers under the county governments since the enactment to the new Constitution. There remains a compelling need for a framework that will ensure maximisation of the benefit of pooling staff pension assets, facilitate mobility of staff across county governments and between national and county governments and bring on board universal norms and standards benchmarked with international best practice. This framework should cover all county government workers including those initially seconded from the national Government, those from the defunct local authorities and those employed by the county public service boards and county assembly service boards. In this regard, the National Treasury as the Ministry charged with the pension policy will be working with all parties to rapidly put in place a comprehensive solution once and for all. I urge all stakeholders, including the National Assembly, the Senate and the Council of Governors to co-operate with us on this matter to allow for the best long term and sustainable solution in the interest of the county workers. Further, in order to support the insurance industry in Kenya, Section 20 of the Insurance Act expressly prohibits placement of “Kenyan Business” with non-Kenyan or foreign insurance markets, except under certain circumstances. Despite the existence of the law, imports into Kenya continue to be on cost, insurance and freight basis instead of cost and insurance basis. In effect, this denies insurance companies registered in Kenya huge business that could substantially benefit the industry and the economy as well. To address this, I direct the Kenya Revenue Authority (KRA) to work with the relevant stakeholders to ensure that this part of the law is implemented. This will also be beneficial to Kenyan importers who, under the current practice, have limited recourse if anything happens to their imports before they arrive in the country. Let me now turn to infrastructure development and growth. In order to achieve our objective of having in place world-class infrastructure, the Government will continue with the ongoing public investments in roads, rails, ports, energy and water supplies in order to propel Kenya’s economy towards prosperity. Much progress has been achieved in the implementation The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}