The National Social Security Fund (NSSF) announced yesterday that it will hold the first general meeting in almost half a century. The AGM will be held on 17^th September, 47 years since the last one, which was held in 1965. According to board of trustees Chairman Adan Mohamed, lack of provisions in the NSSF Act is the reason why the pension fund management has to been holding AGMs.

NSSF is a provident fund mandatory for all workers has millions of Kenyans as shareholders. However, not all workers will attend the meeting. NSSF officials from the 43 regional offices countrywide will select the 2,000 representative delegates for the AGM.

Unemployment benefit

The NSSF Draft Bill 2012, which is due for discussion and enactment, seeks to introduce an AGM which will be held on annual basis or as called by management. The Bill which seeks to turn NSSF from a provident fund to a pension scheme is aimed at benefitting contributors more.

Mohamed said should the bill be enacted, contributors will  get emigration and funeral grants a six month unemployment befit  in case of job loss. As reported by The Star, contributors will be given KES 10,000 a month for a maximum six month period from the date of last employment.

The bill seeks to increase the monthly contribution to 12% of basic pay as opposed to a maximum contribution of KES 400 a month.