President Ruto applauds NSSF reforms as savings hit Sh280 billion in two years

President William Ruto has commended the impact of recent reforms to the National Social Security Fund (NSSF), revealing that Kenyans have managed to save Sh280 billion in just two years, nearly matching the Sh320 billion accumulated over a span of six decades.

Speaking during a ceremony at The Co-operative University of Kenya, where Bernard Chitunga was installed as the second Chancellor, the President said the new savings system has significantly transformed how Kenyans prepare for retirement.

He explained that the previous contribution model, which had remained unchanged for years, was not enough to support meaningful retirement benefits.

"We made the right decisions, today every Kenyan is saving 6% of their salary, and every employer is saving on behalf of their employees 6% of their salary. From independence up to 2023, we saved Sh320 billion, but in just 2 years from 2023 up to today, 2025, we have saved Sh280 billion," Ruto said.

"By end of this year, we will have doubled the money we saved in 60 years, and by 2027, we will have saved a trillion shillings because we have made some bold decisions."

The Head of State stressed that although some may doubt the figures, the results are clear and can be verified.

"Not many people here believe what I am saying, but I’m going to confound the nay-sayers," he said.

Ruto pointed out that one of his key goals after taking office was to change the savings culture in the country.

Under the previous arrangement, workers contributing Sh200 monthly, with their employers matching the amount, would retire with less than Sh500,000 after 30 years.

However, with the changes introduced through the NSSF Act of 2013, and fully implemented under his leadership, Kenyans now have the potential to accumulate up to Sh16 million by retirement.

The President assured that the new model not only encourages a stronger financial future for workers but also shows the importance of long-term planning and consistent saving habits.

As the country moves closer to the next general elections, Ruto remains confident that the momentum will continue.

He expressed his commitment to seeing the fund reach the Sh1 trillion mark, saying the shift in policy was both necessary and overdue.