Gabby Byukusenge
RSSB has announced that it is going to introduce a basic wage.
On Monday, December 2, 2024, the Ministry of Finance and Planning announced that establishing a basic salary is something that is considered but requires attention.
This was announced by the minister in a press conference held at the headquarters of the Ministry of Finance and Planning regarding changes in retirement savings contributions known as pensions.
The Minister of Finance and Planning, Murangwa Yusuf, and the Director of the Rwanda Social Security Service (RSSB), Regis Rugemanshuro, were the ones who led this discussion. The director of RSSB, Regis Rugemanshuro, said that the changes made are related to the level of life of Rwandans and to making them live better. said, “The aim is to increase the salary that pensioners get. Where it is planned, 20% of the total pension will be distributed to the pensioners, starting from the lowest. It will enable the pensioners who go there to live a safe and comfortable life.”
Minister of Public Servants and Labor, Amb. Christine Nkulikiyinka, said that increasing the social security contributions will have a positive effect on the workers because even though they save, their employers also save something for them. Asaid, “It is mainly in the interests of the workers, considering that they will save themselves.”
On the other hand, Minister Murangwa said that there are three factors that led to reforms in pensions, including that the pensioners receive very little money. said, “The second is because we now understand.
We don’t want that as pensioners 15 years from now, we will find ourselves in the same situation as we are now, to go into retirement and find that the money we will receive is not commensurate with the life that will exist at that time.
Another contribution to retirement savings was 6%, with the employee paying 3% of their salary and the employer paying 3%. From January 2025, the contribution rate will be increased from 6% to 12%.
The employee will pay 6%, and the employer will pay 6%. Rugemanshuro said that the contributions have been in place for 60 years, so it was time for them to be updated.
