National Housing Development Fund

[Useless_Spectator]

I wanted to do a thread on this, it depends on how you look at it;half full or half empty. That there is a shortage of housing in the country is not in doubt,I was looking at options available currently for houses that one can raise kids and the most affordable options were in Kitengela and other far flung places. Imagine paying an arm and leg in mortgage only to set yourself up for traffic on Mombasa rd. This puts in place a mechanism to address such shortage by ringfencing some resources dedicated for housing. It is the only saving grace for hustlers like me who were seriously considering leaving the city to get higher quality of life.

@pseudonym

Affordable for who? What about those who own houses already or paying mortgage

This fund I hear is different because you have an option of transferring your savings to pension after some time or withdrawing them. Share ya employer kama itarudishwa sijui,kama wanalipa interest sijui. Whether only those who participate are entitled to benefits sijui,watu self employed sijui.I have only heard that the fund might be used to buy affordable housing that remains unsold after sometime. whether it will provide a cheap source of capital for developers sijui.
There are still gaps that need to be filled and let’s hope we will get more details in the coming days. @spear kazi kwako

[Ubongo]

@Yunomi

Uhuru will tax us to death.
Let’s hope MPs and senators will block this foolishness and any other foolishness that makes the lives of Kenyans harder than they already are.

Money will exchange hands

[anon94046782]

#BudgetKE2018
Sh 8.9 Bn - Konza City
Sh 376.4 Bn - County Govts
Sh 12.7 Bn - Geothermal energy
Sh 6.7 Bn - Last mile connectivity
Sh 4.8 Bn - oil & gas exp
Sh 115.9 Bn - Roads
Sh 74.7 Bn f-SGR Phase 2
Sh 2.7 Bn - Mombasa port
Sh 9.2 Bn - police vehicles
Sh 800M - Nairobi river

Sh 36.8 Bn - Parliament

Sh 2 Bn - Primary health care

Sh 17 Bn - Judiciary
Sh 6.5 Bn -Police and prison officers’ insurance
Sh 380M - lending for hoteliers
Sh 2.9 Bn -Anti-Corruption Comm
Sh 2.9 Bn - DPP
Sh161 Mn - Assets Recovery Agency
Sh 587 Mn - Financial Reporting Centre

@Yunomi

Uhuru will tax us to death.
Let’s hope MPs and senators will block this foolishness and any other foolishness that makes the lives of Kenyans harder than they already are.

Angalia pesa hawa watu wana kula… Alafu heath care inapewa bread crumbs… Then you think… Ama wacha tuu…

[Useless_Spectator]

@anon94046782

#BudgetKE2018
Sh 8.9 Bn - Konza City
Sh 376.4 Bn - County Govts
Sh 12.7 Bn - Geothermal energy
Sh 6.7 Bn - Last mile connectivity
Sh 4.8 Bn - oil & gas exp
Sh 115.9 Bn - Roads
Sh 74.7 Bn f-SGR Phase 2
Sh 2.7 Bn - Mombasa port
Sh 9.2 Bn - police vehicles
Sh 800M - Nairobi river

Sh 36.8 Bn - Parliament

Sh 2 Bn - Primary health care

Sh 17 Bn - Judiciary
Sh 6.5 Bn -Police and prison officers’ insurance
Sh 380M - lending for hoteliers
Sh 2.9 Bn -Anti-Corruption Comm
Sh 2.9 Bn - DPP
Sh161 Mn - Assets Recovery Agency
Sh 587 Mn - Financial Reporting Centre

Angalia pesa hawa watu wana kula… Alafu heath care inapewa bread crumbs… Then you think… Ama wacha tuu…

health care is devolved. at national govt level ni policy too. Plus ministry of health has more allocations for cancer,insurance subsidy,so 2b is not entire allocation.

[WuTang]

@Okwonkwo

Jubilee legislators will obviously pass the budget without much debate

@Yunomi

The MPs and Senators that will debate the proposal… We’re not yet a dictatorship I think.

We have a rubber stamp parliament moreso after the handshake nonsense.

[Okwonkwo]

@WuTang

We have a rubber stamp parliament moreso after the handshake nonsense.

yes, they won’t interrogate the budget and it’s implications thoroughly

[Abba]

@Yunomi

Uhuru will tax us to death.
Let’s hope MPs and senators will block this foolishness and any other foolishness that makes the lives of Kenyans harder than they already are.

They won’t. 2 million each to pass it is a deal for them. We all know what these mps are made of.

[S_Lilly]

@Okwonkwo

After NHIF and NSSF, Uhuru now wants to create NHDF.

According to the recently read budget,
To fund housing, the government will introduce a new deduction to your pay slip to go into a fund that will help make housing affordable.

CS Rotich proposed an amendment in the employment law that will see 0.5 per cent of your gross salary or a maximum of Sh5,000 sent directly to the National Housing Development Fund. Employers will also be required to contribute the 0.5 per cent to the kitty.

“An employer shall contribute to the National Housing Development Fund, in respect of each employee’ in his or her employment 0.5 per cent of the employees’ gross monthly emolument subject to a maximum of Sh5,000 while the employee will contribute 0.5 per cent of their monthly gross earnings,” he said. Analysts have warned that this will increase labour costs on employers.

Housing and Urban Development PS Charles Hinga said the money will be sunk over five years and would be used to buy back houses built under President Kenyatta’s Big Four agenda that would not have been sold off by private developers.

The government expects that guaranteed demand in a huge public service together with counties will take up the bulk of the half a million houses.

What is your opinion on this?

Where is the link with the full narrative?
Who is sponsoring the bill?

Collecting money from the masses is not a new venture, the money often disappears without trace and no recompense, collapsed banks have done it over and over, no one has ever been held accountable. The poor civil servants would have no recourse. Farmers in the teas, coffee and other sectors have in the past had huge amounts of had earned cash scooped by politically well connect people and used as life style kitty.

Perhaps an option is, if every contributing civil servant is allocated a house, the contribution works as a mortgage payment. The civil servants also get a full government refund guaranteed on all contributions if the project fails. Whatever people choose to do with the property is up to them.

[Princebushy]

@Okwonkwo

After NHIF and NSSF, Uhuru now wants to create NHDF.

According to the recently read budget,
To fund housing, the government will introduce a new deduction to your pay slip to go into a fund that will help make housing affordable.

CS Rotich proposed an amendment in the employment law that will see 0.5 per cent of your gross salary or a maximum of Sh5,000 sent directly to the National Housing Development Fund. Employers will also be required to contribute the 0.5 per cent to the kitty.

“An employer shall contribute to the National Housing Development Fund, in respect of each employee’ in his or her employment 0.5 per cent of the employees’ gross monthly emolument subject to a maximum of Sh5,000 while the employee will contribute 0.5 per cent of their monthly gross earnings,” he said. Analysts have warned that this will increase labour costs on employers.

Housing and Urban Development PS Charles Hinga said the money will be sunk over five years and would be used to buy back houses built under President Kenyatta’s Big Four agenda that would not have been sold off by private developers.

The government expects that guaranteed demand in a huge public service together with counties will take up the bulk of the half a million houses.

What is your opinion on this?

Can a government fund itself without salary taxes?

[Okwonkwo]

@Princebushy

Can a government fund itself without salary taxes?

Unless it has other means of getting the funds. For example lucrative oil and mineral exports