• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Kenyan Gov’t to Make Monthly Deductions from All Employees’ Salaries to Fund Construction of Cheap Houses

samrack by samrack
June 15, 2018
in Business, Diaspora, Kenya, Kenya Diaspora News, News, Politics, U.S Diaspora
A A
0
Kenyan Gov’t to Make Monthly Deductions from All Employees’ Salaries to Fund Construction of Cheap Houses
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn
Treasury Cabinet Secretary Henry Rotich displays the briefcase containing the 2017/18 draft budget policy

Kenyan Gov’t to Make Monthly Deductions from All Employees’ Salaries to Fund Construction of Cheap Houses

National Treasury Cabinet Secretary Henry Rotich has announced plans by the government to set up a fund to raise money for financing the construction of affordable housing units across the country.

Dubbed the National Social Housing Development Fund, the CS said cash collected through the program will finance the building of low cost houses, one of the pillar in President Kenyatta’s big four agenda.

Rotich said the move will help ease pressure on the National Housing Corporation (NHC) to focus on mobilizing resources to finance other housing projects.

Rotich proposed changes to the employment act to allow setting up of the special fund, where all employers and employees will contribute monthly to the fund. A maximum of Sh5,000 will be deducted from employees’ gross salary with employers also contributing a similar amount.

“I propose to amend the Employment Act to provide that an employer shall contribute to the National Housing Development Fund, in respect of each employee’ in his or her employment 0.5 percent of the employees gross monthly emolument subject to a maximum of five thousand shillings while the employee will contribute 0.5 percent of their monthly gross earnings,” Mr Rotich said during the reading of budget statement in the National Assembly on Thursday.

The CS said the government has also established the Kenya Mortgage Refinance Company (KMRC) to form a public private partnership (PPP) platform to raise funds for developers.

“We have also developed a comprehensive housing package that will incentivize the private sector in the construction of low cost housing. This includes reduction of corporate tax rates to 15 percent for developers who construct at least 100 units per year,” the Treasury CS said.

“We will restructure the Kenya Urban Support Program, Kisumu Urban Project and Nairobi Metropolitan Services Improvement Project, to provide Sh18.4 billion to support the servicing of land in various towns in the country to bring in private developers into the affordable housing program,” he said.

 

Tags: Kenyan Gov't to Make Monthly Deductions from All Employees' Salaries to Fund Construction of Cheap Houses
Previous Post

Remittances up 50pc to remain top forex earner

Next Post

Kenya Budget 2018: The highlights

Related Posts

Paul Rusesabagina's daughter tweeted a photo of him smiling.
Africa

Hotel Rwanda hero and government critic arrives in US

March 31, 2023
Transition/Death Announcement of Esther Wangui Kahare who was mother to; Catherine Wamuti & grandMa to Esther Njeri all of Holy Trinity Anglican Church Family – in Auburn MA – Worcester City
Diaspora

Transition/Death Announcement of Esther Wangui Kahare who was mother to; Catherine Wamuti & grandMa to Esther Njeri all of Holy Trinity Anglican Church Family – in Auburn MA – Worcester City

March 29, 2023
SeedTime and Harvest Bible Church Conference  3/31/2023 to 4/02/2023 with Prophetess Mwaka Twagirayesu Host Apostle Pacific Zagabe

SeedTime and Harvest Bible Church Conference 3/31/2023 to 4/02/2023 with Prophetess Mwaka Twagirayesu Host Apostle Pacific Zagabe

March 29, 2023
There was media hype for GEORGE FLOYD in Kenya 🇰🇪 but none for IRVO OTIENO ~ Evangelist JUDY OYUYO
Diaspora

There was media hype for GEORGE FLOYD in Kenya 🇰🇪 but none for IRVO OTIENO ~ Evangelist JUDY OYUYO

March 28, 2023
A collage of IG Japhet Koome and the late Jeff Mwathi.

Kasarani Death Puzzles: Police Give Way Forward on Jeff Mwathi Case

March 26, 2023
A photo collage of Police Inspector General Japhet Koome (left) and Azimio Leader Raila Odinga (right).FILE
Africa

IG Koome Addresses Concerns by Kenyans Ahead of Azimio Protests

March 26, 2023
Next Post
Kenya Budget 2018: The highlights

Kenya Budget 2018: The highlights

Please login to join discussion
ADVERTISEMENT
ADVERTISEMENT
Royal Gardens Ngong Royal Gardens Ngong Royal Gardens Ngong
ADVERTISEMENT
KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680
ADVERTISEMENT

Latest News

Hotel Rwanda hero and government critic arrives in US

Transition/Death Announcement of Esther Wangui Kahare who was mother to; Catherine Wamuti & grandMa to Esther Njeri all of Holy Trinity Anglican Church Family – in Auburn MA – Worcester City

SeedTime and Harvest Bible Church Conference 3/31/2023 to 4/02/2023 with Prophetess Mwaka Twagirayesu Host Apostle Pacific Zagabe

There was media hype for GEORGE FLOYD in Kenya 🇰🇪 but none for IRVO OTIENO ~ Evangelist JUDY OYUYO

Kasarani Death Puzzles: Police Give Way Forward on Jeff Mwathi Case

IG Koome Addresses Concerns by Kenyans Ahead of Azimio Protests

Ruto Heads to Germany and Belgium for Energy, Trade Deals

USCIS Says Individuals on Business or Tourist Visas Can Apply for New Jobs

US-Based Kenyan Author Dies After Falling from an Apartment’s Fourth Floor

Kenyan Woman Linda Obinchu Found Dead in Gaithersburg Maryland

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

Paul Rusesabagina's daughter tweeted a photo of him smiling.

Hotel Rwanda hero and government critic arrives in US

by samrack
March 31, 2023
0

Hotel Rwanda hero and government critic arrives in US Paul Rusesabagina, an outspoken critic of the Rwandan government, has arrived...

Kisumu residents stage protests over high cost of living in Kisumu on March 10. Image: DANIEL OGENDO

[PHOTOS] Dramatic scenes during Kisumu demonstrations

by samrack
March 10, 2023
0

Dramatic scenes during Kisumu demonstrations The protesters are seen negotiating with police to allow them to demonstrate. They held...

  • About Us
  • Archives
  • SWG Registration

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 2.015 seconds. Stats plugin by www.blog.ca