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{
    "id": 803014,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/803014/?format=api",
    "text_counter": 186,
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    "content": "there seemed to be a certain proportion of people in a particular county taking their contributions to CPF, while the others took theirs to LAPFUND. This creates disharmony within the counties and, therefore, is an issue that has to be addressed. It seems not to be a straightforward issue because each of these institutions has put in place a proper structure about how they are going to disburse their funds. However, some sort of arbitration, probably, has to take place and these are some of the considerations we should have, as we debate this Bill. Some sort of synergy can be put in place so that we can have something that is common across all the counties. I know that it is difficult, because these are independent entities; they are actually both entrepreneurs who are out to make some money out of their practice through the pension fund. However, once there is that disorder and there is no clear direction, then it makes it difficult.We do not want to have a situation where we have differences in the payments that are made to the various workers. Mr. Deputy Speaker, Sir, Clause 3 is very clear; that this Act applies to all eligible employees. This is good news to them and the associated organizations so that they can actually have their money paid back to them. The object and objective of the fund is to provide for the establishment of the scheme for payment of retirement benefits to members of this scheme; and that should be very systematic. Mr. Deputy Speaker, Sir, one of the things that harms and hurts people is that after they have contributed that money for such a long time, they are not sure whether that money will be available to them when they need it the most. Not many people are patient, as you have heard from the other Senators who have spoken before me.There are people who might be able to wait, keep asking and keep going back and you just get tired. In fact, if anything, if people knew that it was not going to work for them from the word go, then they would not bother themselves. I think that this was the idea of devolution; that we now go into smaller units that are more manageable, more operational and easier to ensure that we can get to the end goal. Therefore, if the right mechanism is put in place, such as the board, then it can work in harmony. The county governments can then take this as something serious; that money can be put out for some sort of investment even before it is recouped back into the pension fund. These are issues that will help in terms of managing that particular Fund. It is also meant to improve the social security of members of the scheme by ensuring that they save for their retirement even though saving is not a problem. In fact, it is automatic. Most of the organizations will take that money straightaway from someone’s pay slip. Whether it will be put to good use is another question altogether. That is why at Clause 5(d) which talks of establishing a uniform set of rules, regulations and standards for the administration and payment of retirement benefits for members of the scheme becomes critical. It is important that this is followed to the latter. That means that a lot of participation needs to take place within the counties, as these drills are set either uniformly across all the counties or at least within the county. The basis of this Bill is to establish a level of uniformity to ensure that there is a clear set of rules and regulations that are being followed. It is also to establish transitional The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}