COTU accuses private pension firms of undermining NSSF reforms

According to the trade union body, resistance to the higher NSSF contribution framework is largely driven by concerns that a stronger and more competitive NSSF could attract a larger share of retirement savings currently managed by private pension schemes. Kenya breaking news | K..

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The Central Organization of Trade Unions (COTU) has accused private pension firms of attempting to undermine reforms at the National Social Security Fund (NSSF) amid NSSF's implementation of enhanced contributions under the NSSF Act, 2013.

COTU Secretary General Francis Atwoli claims private pension providers are creating uncertainty to protect their commercial interests and retain control over workers' savings.
The union singled out the Agricultural Employers Association (AEA) for advising members to revert to previous NSSF contribution levels.
COTU highlighted the NSSF's recent investment performance, noting returns of about 11 percent in the 2023/24 financial year and 17 percent in the 2024/25 financial year.