By BRIAN NGUGIMore by this AuthorThe Retirement Benefits Authority (RBA) says it will enforce penalties against laggard employers found culpable of not remitting or delaying remitting workers’ pension deductions. The chief executives of the pension schemes who delay remitting audited reports to the regulator three months after the close of a fiscal year face a Sh100,000 fine and a further Sh1,000 for each day of delay. “Employers are therefore advised to ensure timely remittance of contributions and those with outstanding contributions to ensure payment is made promptly,” said RBA in a notice posted on local dailies Tuesday. Treasury secretary Henry Rotich, through the Finance Bill 2018, introduced amendments defining the reporting period for the retirement schemes effective October 2018. The new requirement forcing retirement schemes to publicly publish financial reports and employers to ensure they make timely staff contributions is a fresh strategy to enhance transparency and integrity in Kenya’s Sh1 trillion pension industry.

Source: Daily Nation January 08, 2019 18:56 UTC