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"id": 864753,
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"speaker_name": "Sen. Wetangula",
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"legal_name": "Moses Masika Wetangula",
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"content": "I am sorry, Madam Temporary Speaker. I had not noticed the change of guard in the Chair. Madam Temporary Speaker, once this Bill is passed, we will have the issue of how to manage the contributions of members. This Bill is quite unclear on the mode of investments. At one time, we had the madness of the National Social Security Fund (NSSF) buying land anywhere and everywhere. There was a managing trustee who was used as a conduit to buy land from the politically-correct. People would be allocated public land and the NSSF would buy it at three or four times the market value. In that regard, it is the contributors who suffer. One would want a situation where any investments from the Fund must benefit the contributor. At the end of every financial year, we need to have an obligation in the law that the managers of the Scheme release the outcome and the results of the investments and how those investments and profits coming from them can benefit the contributor. At the end of the day, if you contributed money and the employer contributed about three or four times more, the contributor should not get pension on strictly what they contributed. This is because they have put money in a fund that has been traded with and invested. What are the returns on investment? When you retire, the Scheme must give you a statement that, for example, for your 20 years of service, your contribution is Kshs200,000, Kshs1,000,000 or Kshs10,000,000, and the interest accrued and dividends is so much. The Scheme must tell you the much you will be earning monthly, until you depart from the face of the earth. That way, we will be protecting the contributor, because the money in most of the pension schemes are like play tools to the politically-correct and those who are in positions of influence. Yesterday, I talked about the leaders of trade unions who live like kings, when the people who contribute small monies that make them live like kings, live like paupers. This has to be dealt with. Clause 31 of the Bill needs to be relooked at and recast. There are many Kenyan workers who are polygamous. You cannot say that when there is a dispute as to the nominated beneficiary, the board decides. We have members, like those who profess the Muslim faith, who are legally entitled to have four wives at any one time, as they wish. In the event that the contributor is conniving or connives with one of the spouses to exclude others, a proper determination through a legal process must be done. This will ensure that children and widows, for no fault of their own, are not excluded from benefitting from the sweat of the head of their family when such a head lived. Madam Temporary Speaker, I go back to the point that the Senator for Siaya County talked on yesterday; the composition of the board. This is a fund from employees of the county governments; the devolved units. We should have a provision that the Chair of this fund shall always be a nominee from the devolved units. There will be absolutely no sense for money to come from workers of county units and have somebody sitting in The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}