Understanding TSC’s Contribution to the Public Service Superannuation Scheme (PSSS)
The Teachers Service Commission (TSC) in Kenya plays a crucial role in ensuring the welfare of teachers, including their retirement benefits.
One significant aspect of this is the Public Service Superannuation Scheme (PSSS), which aims to provide teachers with financial security in their retirement years.
The PSSS is a Defined Contribution Scheme where both the Government and employees contribute a percentage of their salaries to the scheme.
These contributions are then invested in various instruments such as government securities, equities, and fixed deposits to ensure growth over time.
Upon retirement, teachers can access their retirement benefits in the form of a lump sum payment or a pension, depending on their preference.
The introduction of the PSSS marked the end of the Widows and Children’s Pension Scheme (WCPS), which was previously deducted from teachers’ salaries.
The WCPS provided a pension to the surviving spouse of a deceased teacher until they remarried or passed away.
Additionally, children under the age of 18 (or 21 if in full-time education) were eligible for a monthly allowance until they reached the age limit.
While the WCPS provided valuable financial support to the families of deceased teachers, the introduction of the PSSS has streamlined the retirement benefits system.
By consolidating retirement benefits under the PSSS, the TSC aims to provide a more efficient and sustainable scheme for teachers’ retirement benefits.
In conclusion, the TSC’s contribution to the Public Service Superannuation Scheme (PSSS) is a crucial aspect of ensuring the financial security of teachers in Kenya.
By participating in the PSSS and contributing to their retirement benefits, teachers can enjoy a more secure financial future in their retirement years.
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Mr. Weldon Kosgei, a dedicated educator with the Teachers Service Commission (TSC) in Kenya, brings years of experience and a deep love for education to his role at TSCNewsToday.co.ke. He provides insightful and timely updates on TSC policies, educational trends, and best practices, making his articles valuable resources for educators and administrators. Mr. Kosgei’s commitment to enhancing education shines through in his writing, connecting and inspiring the teaching community across Kenya.
