Speaking during the semi-virtual workshop, which took place at Bishop Nicholas Stam Pastoral and Animation Centre on Thursday, 10 March, 2022, the Vice Chancellor, , stated that MMUST is committed to ensuring that each of its employees does not experience financial hardship and other serious challenges after retirement. “The University will ensure that money is available on your retirement. Our pension is up to date in terms of remittances,” said Prof. Shibairo. Further, he encouraged the soon-to-be retirees to step into retirement with a positive mindset.
“We found it necessary to train retirees in order to assist them in their transition from formal employment to retirement. As such, we train them on financial wellness, entrepreneurship, legal matters, retirement benefits options and healthy living,” stated the Chairman, Board of Trustees, Dr. Daniel Otanga.
Eng. Prof. Bernadette Sabuni speaking at the event.
Eng. Prof. Bernadette Sabuni, who was present at the training, reiterated that staff should face retirement positively, adding that retirement is meant to be enjoyed. “If you are worried about retirement, I hope that this workshop changes you. Let us make this type of training a habit so as to prepare staff for when they leave employment,” said Eng. Prof. Sabuni.
On the topic of financial wellness, Mr. Anthony Odhiambo, a trainer from the Institute of Pension Management (IPM), emphasized on the need to have multiple sources of income, saying that it is key in building wealth and attaining financial freedom. “Right now, your main source of income is salary. Will pension be your only source of income after retirement and will it be enough to sustain you?” posed Mr. Odhiambo.
Mr. Anthony Odhiambo giving his presentation.
In addition, he urged retirees to make budgeting a habit no matter the amount of their salary, and to utilize the assets they already have for income generation. Participants were also taken through change management, legal planning, entrepreneurship skills, investment opportunities and their respective risk and healthy living.
On the second day of the workshop, Mr. Michael Ndung’u of Octagon Pension Services enlightened the staff about options available in retirement including annuities and income draw-downs. He also covered the topic ‘Taxation of Retirement Benefits'.
The highlight of the training was the unique sharing of experiences by a MMUST retiree, Mr. Charles Shilasi, who advised the participants to prepare adequately for the next chapter of their lives and use their retirement money prudently. He gave his own example, explaining that he put up simple, low cost rentals and also purchased a cow, which are now his sources of income.
Photos by Sandra Awuor Dorcas
