Government announces deadline for pension registration to new system
All pension earners have until February 2025 to ensure that they register for the new pensioners' self registration portal
All pension earners have until February 2025 to ensure that they register for the new pensioners’ self registration portal.
According to National Treasury Principal Secretary Chris Kiptoo, all pensioners who will not have registered for the new system by the deadline will face suspension from the payroll.
“We are giving all pensioners to complete their registration by February 28, 2025. This deadline is not negotiable and it will serve as a vital step to organize and streamline pension administration,” Kiptoo said during the launch on Thursday.
“Kindly know that any pensioner who does not complete registration by this deadline will face suspension from the payroll,” Kiptoo continued.
In a bid to curb fraud and inefficiencies in processing claims, the government is rolling out the new system as part of a new end-to-end enterprise resource planning system.
PS Kiptoo revealed that the country holds about Ksh2 trillion in assets in the pension sector with only 26 percent of Kenyans enjoying pensions.
The introduction of technology in the sector aims to increase these numbers with efficiency and reliability.
Speaking during the launch of the new e-registering portal the Director of Pensions at the National Treasury Alfred Kagika revealed that the government aims to hit the goal of complete transition to the system by March 2025.
The new e-registration portal is a module of an overall proposed e-pension system and is targeting pensioners who have been registering challenges such as loss of records and incorrect personal balances.
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The move follows the National Treasury’s failure to meet its target for processing pension claims in the 2022/2023 financial year. The Treasury had aimed to process 28,422 claims but concluded the year with only 18,640 applications, highlighting a decline in the number of files processed due to delays in claim payments.
Kiptoo revealed that the new system is designed to expedite the payment process and reduce congestion in pension offices. Pensioners will receive payment alerts from anywhere, provided they are registered in the system.
He also disclosed that the government will launch a new system aimed at streamlining the pension process, particularly for those in informal sectors.
The system is set to be unveiled by the President on Monday during the second anniversary of the Hustler Fund.
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