President William Ruto on Sunday, September 25, revealed that plans were underway for the Government to help unemployed Kenyans build a savings culture.
In an address at State House during a thanksgiving service, the Head of State noted that the state would match a percentage of an individual's savings with the National Social Security Fund (NSSF) to boost the practice.
He further hinted at the Government's intention to start borrowing locally noting that the high interest paid by his predecessors to international lenders could, instead, benefit Kenyan savers.
Ruto also confirmed that plans were in motion to increase employed Kenyans' monthly savings from just Ksh200 to Ksh 2,000.
"We are re-engineering that whole space (NSSF) and we want every Kenyan to save. Those who are employed, their employers should match their savings.
"Those who are not employed, the Government of Kenya will save with them. If any Kenyan saves an amount, the Government of Kenya will give them money equivalent of their savings to become part of their savings. It is the only way we can build a culture of savings," the Head of State remarked.
He noted that it was not logical for all employed individuals, no matter their pay scales, to contribute Ksh200 per month for their savings.
Ruto, therefore, assured Kenyans that he would work closely with members of the National Assembly and their counterparts to ensure that his savings proposals get approved.
"I know there was a ruling this week at the court on matters to do with savings in this country. They have told us to do certain things including going back to the Senate so that we can proceed together. That we are going to do because savings is a must.
"We cannot continue to borrow from the savings of others. If we are to borrow, let us borrow from our own savings so that we can pay interest to our own savers and build our country with our own savings," he added.
On Tuesday, September 20, the High Court in Nairobi stopped the state's plan to increase NSSF contributions to Ksh2,068 arguing that there was no public participation involved.
The three-judge bench further noted that the team behind the law had failed to get approval from the Senate. The current contributions were last reviewed in 2001 increasing from the then Ksh160 to the current Ksh200.