- Advertisement -

Inside Uhuru’s Retirement Package

- Advertisement -

President Uhuru Kenyatta will receive the biggest retirement package among all Kenyan Presidents after his term expires on August 9, 2022. According to the 2022/2023 Budget, Uhuru will pocket a lumpsum of Ksh72 million and a monthly pension of Ksh667,000 once out of office.

The amount will increase to Ksh79.2 million in the 2024 financial year. The amount that Uhuru will receive is almost three times the golden handshake received by retired President Mwai Kibaki of Ksh25.2 million.

The Presidential Retirement Benefits Act, 2003, entitles a retiring president to a lump sum payment on retirement, calculated as a sum equal to one year’s salary for each term served as President.

The treasury has also increased retired presidents’ pension from the current Ksh34.4 million to Ksh42.42 million starting July. The Ksh34.4 million entailed Kibaki’s pension per year, who currently receives a monthly allowance of Ksh2.86 million, the highest amount in Kenya.

Retired presidents are entitled to two personal assistants, four secretaries, four messengers and four drivers and bodyguards.

Deputy President William Ruto and other designated state officers’ gratuities have risen to Ksh600 million from Ksh430 million. Others included in the list include former chief justices, former speakers, former vice presidents Kalonzo Musyoka and Musalia Mudavadi, and former Prime Minister Raila Odinga. Ruto will be entitled to the pension in case he fails to clinch Presidency.

The National Treasury has allocated Ksh43 billion for civil servants’ pension in the next financial year, which is set to hit Ksh51 billion in 2024.

MPs have also been allocated over  Ksh1 billion for their pension. Only MPs who have served for more than two terms are entitled to a monthly pension. The allocation for military pension has also been increased to Ksh14.5 billion.

Read: Why It’s a Bad Idea Starting a Business With Your Pension

>>> Kenya Orient Wins Pension Marketing Campaign Of The Year Award

- Advertisement -
BT Reporter
BT Reporterhttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
- Advertisement -
Must Read
- Advertisement -
Related News
- Advertisement -


Please enter your comment!
Please enter your name here