I asked a Kenyan teacher who is now retired the amount of money he earns after retirement. I wanted to know the lump sum amount he was paid and monthly payments. He is now aged 62 years, he retired 2 years go. Here is the answer he gave me:
“When I retired two years ago, I was given a lump sum amount of Ksh 375,000. The amount was paid to me by NSSF.This was after I had served TSC for 35 years. Also receive monthly payment of Ksh 4,600. By the time I was retiring, my monthly salary was Ksh 86,500. I was also at Mwalimu Sacco and had saved Ksh 800,000.I earn dividends of Ksh 90,000 to Ksh 120,000 annually from the Sacco”
We also wanted to know how he managed to cope with life after retirement
“I spent part of the money to buy dairy cows which keep me busy. I have three of them. I am also a farmer. The remaining amount is in Britam Money Market Fund.I always top up to the fund and currently, my savings are Ksh600,000. I earn interest of Ksh 70,000 to Ksh 90,000 per year from the investment.
While working as a teacher, I used to do farming. I grow maize,beans,tomatoes and other crops in my three acres of land.I never knew this land could be useful.I purchased it in 1990 for Ksh20,000 only. That time Ksh 20,000 was a lot of money.
Generally, I don’t get bored, life is good except the little pain I get from one of my legs”
From the testimonies of retired teachers,it’s clear that most of them are paid Ksh 350,000 to Ksh 380,000 as lump sum amount.They are then paid Ksh 3,500 to Ksh 8,000 monthly.
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