Determinants of growth in National Social Security Fund of Kenya
| dc.contributor.advisor | Ndede, F.W.S. | |
| dc.contributor.advisor | Thuo, A. K. | |
| dc.contributor.author | Koech, T. K. | |
| dc.date.accessioned | 2012-03-27T09:11:31Z | |
| dc.date.available | 2012-03-27T09:11:31Z | |
| dc.date.issued | 2012-03-27 | |
| dc.description | Department of Business Administration, 68p. HD 7240.5 .K6 2010 | |
| dc.description.abstract | The provision of pension benefits in Kenya is an issue that has over the years attracted major concerns from politicians, social groups and individuals. The present day State pension scheme, otherwise called the National Social Security Fund (NSSF) has been the subject of bitter criticisms from identifiable bodies in Kenya such as the Trades Unions, Retirement Benefits Authority (RBA) and other Private Sector player. This proposal is, therefore, seeks to investigate the factors affecting growth of the Retirement Schemes in Kenya: a case of National Social Security Fund. The study is guided by the research objective of establishing the factors affecting growth in the pension industry where management policies, funding of the schemes, investment and the legal framework are closely looked at. NSSF is used a case in point because of its market share and position in regard to retirement schemes industry. Descriptive research design will be used and a sample drawn from the NSSF staff based at the head office, Nairobi, using random sampling method. A ten (10%) percent totaling to seventy four (74) respondents will be drawn from a target population of 741 people, representing the total NSSF work force at the head office in Nairobi. Data will be collected using questionnaires. Descriptive statistics will be used to analyze quantitative data and reported using frequency distribution, means and percentages. Qualitative data will be analyzed by interpreting and attaching significance to themes and patterns observed using content analysis. The study found that the growth of the NSSF has been on a steady increase during the period under study, but there remain numerous challenges to this growth. Management has put in a number of measures to ensure sustained growth but the efforts seemed uncoordinated and lacked in strategic focus. There are funding issues given that the Fund only relies on members contributions and investment income, all of which having legal limitations. Moreover, the fund has surmountable challenges brought about by the investment portfolio and legal framework of NSSF Act and the RBA regulations. Based on the findings, the research recommends intensive and coordinated membership drive to promote the existing products and develop the new one. There is needs to put more effort in employing the best system in its operations, the best investment policies, management practices as well as employing good corporate practices in all it aspects of operations. Besides, the Fund to refocus its business strategies and continuously monitor through constant reviews and employing of best market practices in its operations. Lastly, there is need to explore ways of overcoming the legal challenges on retirement schemes through amending the operating laws and frameworks to allow for flexible but prudent investment streams that that makes them equally competitive as other financial institution | en_US |
| dc.description.sponsorship | Kenyatta University | en_US |
| dc.identifier.uri | http://ir-library.ku.ac.ke/handle/123456789/3534 | |
| dc.language.iso | en | en_US |
| dc.subject | Social Security --Kenya | |
| dc.title | Determinants of growth in National Social Security Fund of Kenya | en_US |
| dc.type | Thesis | en_US |