Tuesday, June 12, 2012

KRA may collect NSSF and NHIF contributions

In a move by the government to reform social security and healthcare in the country, Kenya Revenue Authority (KRA) may collect NHIF and NSSF levy. This is after a proposal by the National Economic and Social Council (NESC), which suggests that contributions for both NHIF and NSSF be made through the tax collection agency.
The Business Regulatory Reforms Unit has also supported the proposal by NESC citing that such reforms will bring about the much-needed efficiency and accountability in the two institutions.
NSSF has been in the spotlight recently for all the bad reasons and this proposal may bring sanity leaving it with only the role of administration. Currently NSSF controls assets to the tune of about Ksh 80 billion and makes a collection of about Ksh 7 billion annually from member’s contribution.

In other news, Kenya’s third largest insurer CIC Insurance Group has postponed its listing in the Nairobi Securities Exchange to June 19th. CIC Group first Quarter Results in 2012 showed a 29 per cent growth in net earned premium. The company will list at a price of Ksh 3.50 per share and thereafter will be market driven.

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