Employee Benefits in Kenya, 2021 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Employee Benefits in Kenya, 2021 Update - Key Regulations, Statutory Public and Private Benefits, and Industry Analysis

Summary

Kenya’s social security system is considered important for the security of workers, their families, and the community. The Kenyan social security system is divided into three pillars - a public scheme, occupational schemes, and individual schemes.

The report provides in-depth industry analysis, information, and insights of the employee benefits in Kenya, including an overview of the state and compulsory benefits in Kenya, detailed information about the private benefits in Kenya, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Kenya.

Key HighlightsRetirement benefits (old-age) in Kenya are regulated by the National Social Security Fund Act of 2013General supervision is carried out by the Ministry of Labor through a board of trustees The NSSF operates two funds, the pension fund, and the new provident fund, which provide old-age pension and old-age benefits respectively The Kenyan retirement benefits system comprises three pillarsThe employers provide supplementary retirement plans to their employees under Pillar II. The supplementary retirement plans can be DB or DC schemesScope

This report provides a detailed analysis of employee benefits in Kenya - It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefitsIt covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, long-term care benefits, leave and private benefitsIt highlights the economic and regulatory situations relating to employee benefits in KenyaReasons to BuyMake strategic decisions using in-depth information related to employee benefits in KenyaAssess Kenya's employee benefits market, including state and compulsory benefits and private benefitsGain insights into the key employee benefit schemes offered by private employers in KenyaGain insights into key organizations governing Kenya's employee benefits, and their impact on companies