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Nairobi County workers set for 15pc pay raise

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Nairobi governor Mike Sonko. FILE PHOTO | NMG
Nairobi governor Mike Sonko. FILE PHOTO | NMG 

More than 15,000 Nairobi County staff are set to enjoy a 15 percent salary increment from next month.

This comes after City Hall promised to implement a pay raise deal struck between the county government and the Kenya County Government Workers Union (KCGWU) in May 2017, which was later registered in September this year.

Deputy County Secretary and Public Service Management chief officer Leboo Morintat explained that a meeting of the county executive committee held on Thursday, November 29, 2018 adopted the Collective Bargaining Agreement (CBA) registered in September, 2018.

“It is imperative to note that the issue of the CBA has been long outstanding matter going beyond the current administration of Governor Mike Sonko.

“We as a county government need to appreciate the personal effort and highest consideration taken by the governor to increase the remuneration of county employees. Consequently therefore, the CBA shall be implemented in the payroll from the month of January, 2019,” added Mr Morintat, in a circular dated December 13, 2018 and addressed to all the county staff.

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The CBA was registered before Labour court’s Judge Nelson Abuodha, paving way for workers from all cadres to get the 15 percent pay increment, bringing to an end a protracted negotiation that started in 2015.

Under the terms of the agreement, the pay rise was to take effect in 2017/2018 financial year, but that never happened even though the county set aside Sh800 million to cater for the CBA.

In light of the new salaries, the deputy county secretary has directed the human resource department to prepare a supplementary budget and submit the registered CBA to the Ministry of Public Service, Youth and Gender Affairs for updating the payroll system in January.

“By a copy of this circular, the human resource management department is under instruction to finalise preparation of the supplementary budget which incorporates the new salary and also submit the registered CBA to the Ministry of Public Service, Youth and Gender Affairs for updating in the Integrated Payroll and Personnel Database (IPPD) system…” he said.

In September, KCGWU Secretary General Roba Duba indicated that the workers were to get the new salaries by October explaining that the registration of the CBA in court in effect meant that it was now a law.

He stated that the CBA is divided into two, monetary and non-monetary terms, which will see the workers also benefit from other perks like leave allowances, medical cover and other related perks.

The former Moyale MP, however, decried that there has been no revision of terms for the former local authority workers who transited to the county government, for close to seven years since 2012.

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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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