National Treasury Cabinet Secretary John Mbadi representing the government has stated commitment to shielding employees’ retirement savings via robust policies, better governance and intensified monitoring of various pension systems.
Mbadi made remarks while appearing before the Senate Standing Committee on Labour and Social Welfare to submit the Treasury paper on a grievance about the termination and winding up of the Technical University of Kenya Staff Retirement Benefits Scheme (TUK, SRBS).
Mbadi was accompanied by Education Cabinet Secretary Julius Ogamba. The trrasury noted Regulation and Monitoring of retirement schemes is handled by Retirement Benefits Authority(RBA) although Treasury has the major role in implementing changes which will help safeguard pension savings and promote accountability within the sector.
Mbadi highlighted ongoing reforms to strengthen compliance with pension remittance obligations, including the integration of the Human Resource Information System for the Government of Kenya (HRIS-Ke) with the Integrated Financial Management Information System (IFMIS).
He told the senators that they can rely on the Treasury as it will be coordinating with Retirement Benefits Authority, Ministry of Education and other key players to take care of employees’ interest during the entire liquidation operation.
