1.0Nyati Saccohttps://beanafrica.com/dev/nyatisaccorich600338<blockquote class="wp-embedded-content" data-secret="svLFrI4ygc"><a href="https://beanafrica.com/dev/nyatisacco/housing-levy/">Housing Levy</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://beanafrica.com/dev/nyatisacco/housing-levy/embed/#?secret=svLFrI4ygc" width="600" height="338" title="“Housing Levy” — Nyati Sacco" data-secret="svLFrI4ygc" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://beanafrica.com/dev/nyatisacco/wp-includes/js/wp-embed.min.js </script> https://beanafrica.com/dev/nyatisacco/wp-content/uploads/2023/06/housing-levy-1-1.jpg1024683What is Housing Levy and What You Need to Know About it Affordable housing is essential for every Kenyan citizen today. The Kenyan constitution dictates that the state should take legislative measures to ensure adequate and available housing for every Kenyan. The plan is to build up to 250,000 low-cost homes per year under the current president regime. Employees will use the contributions to fund the purchase of homes.  Contribution Employers and employees are required to each make a contribution of 1.5% of the employee’s monthly basic salary to the Fund provided that the combined contribution does not exceed Kshs. 5,000/ per month. Persons who are not in formal employment or who are non-citizens may contribute a minimum of Kshs. 200 per month. Gazetted Housing Regulations (the “Regulations”) allow for contributions above the statutory minimum. NHC is required to specify on a yearly basis the return applicable on members’ contributions. The Benefit of the Housing Levy The government set a target of building 2 million affordable units by 2030. The government expects the levy to generate 57 billion yearly for the construction of these units. Employees qualifying for affordable housing can finance home purchases using their contributions. In addition, even if the employee does not qualify for affordable housing, they can benefit upon expiry of seven years in ways such as: Conclusion ‍In conclusion, the government requires employers to deduct and remit the levy with other payroll statutory deductions. The regulations indicate that failure to adhere to this directive will attract various penalties for non-compliance. Similarly, those who will not get a house from this plan will enjoy contributions in other ways.