NATIONAL HOUSING DEVELOPMENT FUND
The National Housing Development Fund is the newest concept in town. This is a new levy that the national government plans to put in place to enable them raise resources for implementation of one housing component of the big four agenda.
Mr. Speaker, in order to promote development of low cost housing for Kenyans, 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% of the employees gross monthly emolument subject to a maximum of five thousand shillings while the employee will contribute 0.5% of their monthly gross earnings. – CS Treasury, Henry Rotich budget Statement
I am just wondering, will employees benefit directly from this kind of contribution? Why can’t we be allocated to contribute this money towards building our own houses? This is so unfair.