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The Social Health Insurance Fund (SHIF); 2.75% new NHIF rates

Proposals under the Social Health Insurance Fund Act;

  • Salaried employees to contribute a standard 2.75% of their monthly gross income.
  • Self-employed individuals to contribute 2.75% of their declared or assessed monthly gross income, with a minimum contribution set as Ksh. 300.
  • Unemployed individuals or those categorized as vulnerable to contribute Ksh. 1,000.
  • Individuals listed as vulnerable by the State Department of Social Protection, the National Government will contribute Ksh 13,300 on their behalf. 
  • The waiting period for access to benefits shortened from the current 90 days to 60 days. 
  • Employers are mandated as usual to deduct 2.75% of the employees’ salaries and remit, non-compliance will result in penalties and interest. 

Implications;  

High-income earners who have been contributing Ksh. 1,700 will see a significant increase in their contribution. This increased financial burden will lead to a decreased disposable income.

Successful roll-out will lead to enhanced accessibility and affordability of health services for low-income earners.

SHIF contribution rates 2024

Low-income earners will see a decline in their Monthly contributions while high-income earners' contributions will increase significantly.

Information that may be of interest; 

 

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Jackie.W. Murage

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As an Associate-Corporate Services, Jackline leads client relations, helping organizations develop strong corporate strategies. She brings relevant experience in the role of helping clients develop and implement corporate goals and objectives, formulate corporate strategies around their capital resources, achieve optimal strategic mix, and sustain a healthy risks-return balance.

Jackline holds a Bachelor’s Degree in Business Management; Finance and Banking from Maasai Mara University

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Diana serves as the Manager of Accounts and Financial Reporting and holds a Bachelor’s degree in Commerce with a specialization in Accounting from Mount Kenya University. Additionally, she possesses a diploma in Business Management from the University of Nairobi. Currently pursuing CPA
Advanced Level, Diana has over five years of experience in finance, accounting, audit, and taxation for the firm, significantly enhancing strategic financial management activities.

CPA Gitau Nahashon

Senior Managing Partner

CPA Gitau Nahashon is an accomplished finance and accounting professional with over 21 years of experience in the fields of accounting, tax, audit, advisory, corporate governance, and business consultancy. Nahashon is the founding partner of GK Nahashon & Company, a rapidly growing medium-sized audit firm located in Rosslyn, Limuru Road.

He is a member of the Institute of Certified Public Accountants of Kenya (ICPAK), Kenya Institute of Management (KIM), and the Institute of Internal Auditors Kenya Chapter (IIA). CPA Nahashon is a passionate accountant, financial analyst, tax litigant, and advisor as well as corporate finance advisor. All this emerges from his background of Bachelor of Commerce, Finance, and Accounting as well as his professional training as a Certified Public Accountant (CPA-K) coupled with his many years of hands-on experience. He is a licensed practicing auditor and consultant with the Institute of Certified Public Accountants of Kenya. He is an MS Excel enthusiast having trained several high-ranking finance professionals in financial modeling, forecasting, and reporting using sophisticated Excel functions and formulae.

CPA Nahashon is a certified QuickBooks pro advisor, a position he uses to offer support in QuickBooks online as well as advise clients on the usage of QuickBooks for their accounting, payroll, and inventory management. This certification increases the confidence that clients have in our expertise in automated accounting software.

CPA Nahashon is extremely zealous of compliance, he has worked for several employers and private clients shepherding them to remain compliant with the regulations, policies, and guidelines of various regulators. As a risk and compliance professional, CPA Nahashon has brokered many deals and structured compliance highways for many organizations.

CPA Nahashon has enjoyed a thriving career in the private sector where he served in various capacities within the manufacturing, real estate, educational, and banking sectors. His major accomplishments include overseeing effective system migration, automation of MIS, conducting gap analysis for new CBK guidelines, successful acquisition structure, corporate governance training, financial reporting, training advanced MS Excel, successful audit engagements, setting up a successful microfinance company, several successful funding proposals among others.

This professional accountant has held the hands of many start-ups until they are mature with huge turnovers. He has mid-wifed micro enterprises to become medium-sized entities some of them with balance sheet of over Kshs 1B. He has successfully transitioned chamas to birthing enterprises that are current industry and market leaders.

He has served in various boards of academies, schools, SME’s and serves in advisory board of a thriving business in the service industry. He is currently a board chairman in one of the SME’s he serves as an independent director. He is an astute leader with impeccable people leadership skills and serves the community in several leadership positions transforming lives and offering hope to the destitute.