"The appointment comes following an extensive recruitment process by the Board of Trustees, and Mr. Koros will assume his new role with immediate effect," said Dr. Christopher Khisa, Manager, Corporate Communications and CSR in a statement.
The National Social Security Fund (NSSF) has appointed Tito David Koros as the new managing Trustee of the fund after he emerged top in the just concluded interviews.
“The appointment comes following an extensive recruitment process by the Board of Trustees, and Mr. Koros will assume his new role with immediate effect,” said Dr. Christopher Khisa, Manager, Corporate Communications and CSR in a statement.
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The changes expected to be gazetted by Labour Cabinet Secretary Florence Bore in the next few days will see Mr Koros take over from Anthony Omerikwa who left the position last year after serving his single three-year term.
Mr Koros who holds a master’s degree in public policy management from Strathmore University is the outgoing chief executive at Lapfund which manages retirement funds for all employees of county governments and water companies.
“The Board of Trustees expresses its confidence in Mr. Koros’ ability to drive the Fund forward, emphasizing his exceptional leadership and unwavering dedication. The Board believes that under his leadership, NSSF will continue to fulfill its mission of providing social security protection and supporting the financial well-being of its members,” added Dr. Khisa.
Mr. Koros is taking over the helm of NSSF when workers’ mandatory contributions have been increased, giving an opportunity for Kenyans to save more for retirement. The maximum contribution jumped to the current 1,080 shillings per month –which is matched by the employer— starting in February.
NSSF has been paying an average of less than 250,000 shillings when a member retires. The increased contribution, which will rise further over the next few years, is expected to lift the payouts in the coming decades. NSSF paid an interest of 10 percent in the year ended June 2021, marking the highest return on retirement savings in seven years.
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