Chrisantus Wamalwa Wakhungu

All parliamentary appearances

Entries 1201 to 1210 of 3399.

• 3 Jul 2018 in National Assembly: On a point of order, Hon. Deputy Speaker. view
• 3 Jul 2018 in National Assembly: Thank you. I have a lot of respect for the Leader of the Majority Party. I am paying a lot of attention to the Bill. May we get direction? When you look at Section 9 of this Bill, which talks about the tenure of the trustee, it talks about a three-year contract which can be renewed. Going to the memorandum of the objects, it talks of four years. So, there is that lack of consistency. This is something serious. view
• 3 Jul 2018 in National Assembly: Thank you very much, Hon. Temporary Deputy Speaker. This is a very critical Bill that we must contribute objectively on. It is said that failing to plan is planning to fail. You start to plan your retirement the very day you are employed. view
• 3 Jul 2018 in National Assembly: I want to support this Bill because one of the biggest problems in this country is the people who have retired. When it comes to retirement, there are critical issues about human capital which is the present value of your future earnings or wages. As you approach your retirement, the human capital approaches zero. The Bill proposes that an employee’s contribution will be a minimum of 7.5 per cent and the sponsor to give 15 per cent. I want to salute the 7.5 per cent contribution because it was 12 per cent initially and then it went down to 7.5 ... view
• 3 Jul 2018 in National Assembly: The critical challenge has been the age you qualify to get these proceeds. We have challenges whereby somebody retires or he is sacked but he cannot access that money until he attains the retirement age. The retirement age is 60 years in this country. If you are sacked at the age of 40 or 45, you should be allowed to access those funds but not to wait until the age of 60. If you are out of employment, you can even die. I have seen many people who die immediately they lose employment. I am happy to note that there ... view
• 3 Jul 2018 in National Assembly: employment, you are free to withdraw all your savings of 7.5 per cent and you can also access 50 per cent of the sponsor’s contribution. In total, you can access 57.5 per cent and then you can withdraw the remaining amount when you attain the age of 60 years. You are spreading your risk. view
• 3 Jul 2018 in National Assembly: We have cash transfers in this country for the elderly people of Kshs2,000 which take forever. This is a challenge to the Government in terms of regular disbursement. We, as Kenyans, must train the employees, so that they understand the importance of saving. Other jurisdictions, for instance, the United States of America (USA), have very good pension schemes. You find that people at old age can afford a holiday. They come to this country. What happens in Kenya? The challenge is that once you are out of employment, you wait to go to your grave. view
• 3 Jul 2018 in National Assembly: I want to look at the responsibilities of a fund manager in this Bill. He is responsible for implementing the investment policy. We have seen in many cases where there are investments but there are no returns. They get sunken. So, you should have a fund manager whose responsibility is to ensure that he maximises the returns of the investments, so that when a person retires, he is assured of that return. I am happy about the provisions of a custodian who will be in charge of the receivables. We have had conflicts of interest when a fund manager is ... view
• 3 Jul 2018 in National Assembly: I also want to salute this Committee for conducting public participation. I listened to the Chair, Hon. Limo, who is my very good friend. He looked at the stakeholders’ analysis which is generally acceptable. There is that wide range of the relevant stakeholders who came and gave very good contributions. I want to salute Hon. Limo for that because committees do not invite relevant authorities many times when they conduct public participation. He said that he had some presentations from LAPFUND and the Council of Governors who are the critical stakeholders. I am happy to note that the Report he ... view
• 3 Jul 2018 in National Assembly: Another issue that I should talk about is the board of trustees. We have tenure of three years. The memoranda talks about four years. We need some consistency. That is why I rose on a point of order earlier on when the Leader of the Majority Party was moving this Bill. I am assuming that it is a typo because we need consistency. I expected the Chair of the relevant Committee to come out clearly the time he was seconding, so that the Members know whether it is tenure of three years which is renewable or four years. I read ... view