Kenya Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 20

Kenya Statutory and Private Employee Benefits (including Social Security) - Insights into Statutory Employee Benefits such as Retirement Benefits, Long-term and Short-term Sickness Benefits, Medical Benefits as well as Other State and Private Benefits, 2022 Update

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 Kenyan social security system provides compulsory benefits such as old-age, disability, sickness, death, maternity, work injury, unemployment, and medical care, for different groups of individuals such as children, employed, unemployed, retired, or elderly individuals.

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 Highlights

• The Retirement Benefits Authority, National Social Security Fund (NSSF), and National Hospital Insurance Fund (NHIF) are responsible for the functioning of the overall social security system.
• A person’s national insurance contribution is determined based on their income.
• An insured person who is unemployed or unable to work and whose benefits have been exhausted is entitled to credited contribution.
• In Kenya, many large employers provide retirement benefits through a defined contribution plan. They may purchase a pension plan from a third party or create a provident fund, very few employers offer defined benefit plans.

Scope

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 benefits
• It 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, leaves and holidays and private benefits
• It highlights the economic and regulatory situations relating to employee benefits in Kenya

Reasons to Buy

• Make strategic decisions using in-depth information related to employee benefits in the country
• Assess employee benefits of the market, including state and compulsory benefits and private benefits
• Gain insights into the key employee benefit schemes offered by private employers in the country
• Gain insights into key organizations governing employee benefits market, and their impact on companies