OCTAGON AFRICA DEEPENS STAKEHOLDER ENGAGEMENT AS IT WELCOMES THE COURT OF APPEAL RULING ON NSSF ACT. 2013

Octagon Africa Deepens Stakeholder Engagement as it Welcomes the Court of Appeal Ruling on NSSF Act. 2013

By Donald Kogai

Octagon Africa, a leading regional

financial services provider with local

operations in Kenya has begun a

countrywide engagement with

stakeholders in furtherance of its

financial literacy initiative.

Following the recent Court of Appeal

ruling on the implementation of the

National Social Security Fund (NSSF)

Act, 2013 – which sought to increase

pension deductions—, Octagon Africa has

planned a series of sensitization

forums targeting members of the public,

corporate organisations and their

customers.

These sessions, including, a virtual

conference set for Thursday, 16th

February 2023 from 2:30 PM – 4:00 PM,

aim to create awareness and deepen the

public’s understanding of contributory

pension schemes, the importance of

savings for retirement, internalize the

NSSF Act, 2013 and re-emphasize the

company’s position as the leading

pensions management provider in Kenya,

Uganda, and Zambia.

While welcoming the Court of Appeal

ruling and the subsequent developments

in the pensions industry, Octagon

Africa Group CEO Fred Waswa noted that

the ruling opens the door for the full

implementation of the NSSF Act,2013

paving the way for better retirement

packages for both employed and self-

employed Kenyans.

“Over the years, the cost of living has

continued to rise, and it is crucial

that the industry establishes a

framework that ensures that retirement

savings keep pace with these changes.

The implementation of the NSSF Act,

2013, although increases pension

deductions, it ensures that Kenyans

have the financial security they need

in retirement, allowing them to enjoy

their golden years with peace of mind,”

Mr. Waswa said.

Octagon has outlined a series of

stakeholder engagement activities

including virtual seminars, public

lectures, social media engagements,

capacity-building programmes, faith-

based organization sensitization

workshops, regional conferences in

major towns, and County Government

engagement forums.

Octagon Africa General Manager-

Marketing, Products & Business

Development Davis Ongiro said that

these engagements to be held with

several stakeholders are organised to

facilitate the dissemination of

adequate information to the general

public.

“We are committed to being a

responsible pensions management

provider. By deepening the public’s

understanding of these recent

developments in the pensions industry,

we hope to support the country and

provide our customers with the right

information they need to secure their

financial futures. We will engage them

in every platform to ensure the right

message on pensions is out,” Mr. Ongiro

said.

The Court of Appeal on 7th February

2023, overturned a judgment delivered

last September by the Employment and

Labour Relations Court, which found

that the NSSF Act 2013 was

unconstitutional. Under the Act, the

NSSF sought to build a bigger

retirement pot and offer workers

monthly stipends after their retirement

as opposed to the current one-off

payment.

The NSSF contributions were last

reviewed in 2001 when the rate was

increased to Kshs. 200 from Kshs.160