\n The proposal follows escalating pressure from retirees and parliament over delayed pension payments, as the scheme continues to grapple with chronic liquidity shortfalls.\n <\/p>\n
\n Philip Mainga, the Managing Director of Kenya Railways, told the Senate Committee on Labour and Social Welfare that a detailed repayment schedule has been structured through to January 2026.\n <\/p>\n
\n \u201cWe are waiting for KENHA to pay \u2026 about KSh2\u202fbillion \u2026 that will enable us to clear the balances,\u201d Mainga said, adding that the funds would go a long way toward settling the KSh2.26\u202fbillion ($17.5\u202fmillion) owed in arrears.\n <\/p>\n
\n Beyond the KENHA payment, Kenya Railways is preparing to market two of its most valuable urban estates, Makongeni and Ngara, as part of a broader strategy to shore up its pension fund in the long term.\n <\/p>\n
<\/p>\n
\n He emphasised that the sales would give the retirement scheme a sustainable financial base: \u201cThe sale of these prime city assets \u2026 would provide the financial base needed to stabilise pension payments and ensure the scheme remains sustainable in the long term.\u201d\n <\/p>\n
\n Mainga also noted legal constraints, saying: \u201cYou know the law blocks us from taking other agencies to court for debt recovery, or auctioning of property to recover debt.\u201d\n <\/p>\n
\n As a result, railways must rely on voluntary asset sales rather than litigation.\n <\/p>\n
\n In response, the Senate Committee urged Kenya Railways to expedite the disposal process and implement interim relief measures for the waiting retirees.\n <\/p>\n
\n Kajiado Senator Samuel Kanar Seki suggested employing debt\u2011recovery agencies to enforce outstanding remittances by government institutions.\n <\/p>\n
\n \u201cIt is unfair that pensioners who served this country diligently have to wait decades for their rightful dues,\u201d he said, demanding greater accountability and swifter payouts.\n <\/p>\n
<\/p>\n
\n Despite previous efforts to liquidate assets, the scheme\u2019s funding gap has persisted due to bureaucratic delays and slow sales.\n <\/p>\n
\n Mainga reassured lawmakers of the corporation\u2019s commitment to ending the crisis once and for all: \u201cWe have a clear plan \u2026 Our goal is to clear all outstanding balances by early next year and secure a sustainable payment structure going forward.\u201d\n <\/p>\n
\n Recent protests by Makongeni residents opposed the proposed sale of the estate, raising political and social tensions around the move.\n <\/p>\n
\n If executed as planned, this would be one of Kenya\u2019s most significant state-led liquidations of idle property to meet pension obligations, and could finally relieve thousands of retirees who have waited years for their dues.\n <\/p>\n","protected":false},"excerpt":{"rendered":"The proposal follows escalating pressure from retirees and parliament over delayed pension payments, as the scheme continues to…\n","protected":false},"author":2,"featured_media":283913,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,184,185],"class_list":{"0":"post-283912","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-finance","12":"tag-personal-finance","13":"tag-personalfinance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/283912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=283912"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/283912\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/283913"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=283912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=283912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=283912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}