29 Feb 2024 in Senate:
Mr. Speaker, Sir, it could as well mean that there is something that needs to be orderly. I request to indulge you under Standing Order No.45 now that you have rearranged the Order Paper. That in the course of debate should the Whips signal to us that they now have the requisite numbers to execute the order that we have skipped, allow us to pause the debate, conduct Division and go back to the Motion on the Floor.
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29 Feb 2024 in Senate:
Kindly Mr. Speaker, Sir, if you can indulge us.
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29 Feb 2024 in Senate:
Mr. Speaker, Sir, I congratulate the Committee on County Public Investments and Special Funds for a job well done. This is what we expect of our committees. That is to respond to issues of great concern to the people we represent in this House.
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29 Feb 2024 in Senate:
Pension funds are essential tools and financial instruments that we have abused in this country for a long time. Unfortunately, we are discussing county pension schemes The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard Services,Senate.
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29 Feb 2024 in Senate:
but there are similar challenges that people have with their savings at the national Government.
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29 Feb 2024 in Senate:
As one of the Senators observed earlier, unfortunately, the Senate has not spoken candidly and resolved the issue of county pension funds. We tried to address that issue in the Eleventh Parliament. However, as was rightly observed, partisan interests came in along the way and Parliament was not able to wade over the storm. Unfortunately, the same was worse in the Twelfth Parliament.
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29 Feb 2024 in Senate:
Therefore, as an institution, we continue to stand indicted because of how the various county pension funds are run, and the fact that we have not passed a law that guides counties on how their pension schemes are managed, how better to run them and whether it is proper for them to be as many as we already know, or collapse them into one county pension scheme for our county government workers just like we have one for the national Government employees. Nonetheless, I want to appreciate this first attempt to collect what is due to them. There are many ...
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29 Feb 2024 in Senate:
Staffers of Parliament are comfortable and are exceptional in their duties because they know that in Parliament, we have a Staff Pension Scheme that is well-run and managed. They know they will enjoy the fruits of their labour in their retirement years. They will not be destitute old people relying on handouts from their children and well- wishers. Unfortunately, people save during their youthful years only to suffer in retirement. I hope Sen. Osotsi will give us a specific Bill that will go through both Houses of Parliament that will give urgent notice to these institutions so that we provide ...
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29 Feb 2024 in Senate:
This must be said; we have been unable to do well. We stand indicted up to date as a House of Parliament because many county government employees are still confused. The last thing I want to say on this topic is that county pension funds must be creative. There are opportunities for business for them even with the said counties. I do not understand why county governments have to borrow from commercial banks, yet they can borrow from their pension fund and earn interest. That is the same money our pensioners should enjoy in their retirement. That is a safe ...
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