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Gift A Pension Brochure


Download the Gift A Pension brochure to earn 100 points and move up the leaderboard and closer to winning the weekly prizes & Apple iPhone.

DOWNLOAD THE BROCHUREGIFT A PENSION NOW

INTRODUCTION


Millions of Kenyans have no retirement savings plans other than the hope that their children will take care of them in their old age. About two million of these excluded informal sector workers are domestic workers who many of us employ as maids, drivers, cooks and gardeners. These domestic workers often form our support system in our everyday lives looking after our children and our homes. However, they typically have no support system of their own, particularly a financial support system.

With such a gigantic pension coverage gap and increasing life expectancy, the majority of our future elderly face the grim prospect of living in poverty and without dignity during an extended old age. Is this something we should care about? It is about safeguarding the future of our society and the dignity of our nation. Can we do something about this? You and I and each and every one of us can do something about this. It takes each one of us to make a difference.

Here’s how you can Gift a Pension and change the rest of your domestic worker’s life. And all it takes is ten minutes of your time.


What is Gift a Pension?

Gift a Pension is an initiative to help maids, cooks, drivers, gardeners save for their retirement.
As an employer of a domestic worker, you talk to your domestic worker about the importance of saving for the future and open a digital Fahari Retirement Account for them with Zamara. To encourage regular saving, you may co-contribute with your domestic worker to the retirement account each month and also meet the very nominal cost of the funeral cover (of currently only K Shs 100 per annum).

What is Fahari?

The Fahari Retirement Plan is a retirement scheme registered with the Retirement Benefits Authority and also tax exempted by the Kenya Revenue Authority. Fahari provides a secure online platform to enable a digital retirement account to be easily opened and facilitate contributions using multiple payment channels. The retirement account is portable and a domestic worker can continue to contribute to Fahari and ask her new employer to do the same. There is no penalty for missing contributions. The domestic worker can view her retirement account at any time either online or via USSD and see her balance and contribution history real-time.

Currently, there is a built-in funeral expense cover of K Shs 25,000 (payable within 48 hours of death) at an annual premium of only K Shs 100.

How to Gift a Pension

5 minutes of your time can change their entire life.

  • Using simple tools available on the Gift a Pension website, you educate your domestic help
  • about the importance of old age savings and explain the features of the Fahari
  • Retirement Plan
  • Once they understand the same, you enrol them by opening a Fahari Retirement
  • account by logging on to https:/www.fahariyangu.co.ke/
  • They save a minimum of K Shs 300 per month for their old age and you are encouraged
  • to co-contribute the same or a higher amount. An annual premium of K Shs 100 is
  • payable at each anniversary for the funeral cover
  • Their monthly savings are invested in accordance with RBA guidelines
  • At retirement, the member has the flexibility to receive a monthly pension or lump sum.
  • The savings can be accessed by the member before retirement
  • In case of their death, all benefits are credited to their nominee, who they choose at
  • the time of enrolling
  • A helpline is available to support your domestic worker or you as a Gifter in case
  • any support is needed in the enrolment process or thereafter