The Insurance Regulatory Authority (IRA) has been named the top winner of the Wage Bill Accountability Award as a State Corporation.
The IRA was recognised for the award by the Salaries and Remuneration Commission (SRC) during its third National Wage Bill Conference held in Nairobi. The award was presented to the IRA’s Commissioner of Insurance and Chief Executive Officer, Godfrey Kiptum, by President William Ruto at its third national wage bill conference.
Mr. Kiptum said IRA was awarded for maintaining the ratio of personnel emolument Vis a Vis the revenue below 35 per cent in the last three years and for its consistency in maintaining the ratio during the entire period.
He said during the period, IRA was recognised for receiving unqualified opinions from the Office of the Auditor General for the last three years.
‘Another factor that SRC took into consideration was the productivity mainstreaming measures in government agencies, a requirement that IRA met,’ added the CEO.
The Insurance Regulatory Autho
rity is a statutory government agency established under the Insurance Act, CAP 487 of the Laws of Kenya, to regulate, supervise, and develop the insurance industry.
During the event, Salaries and Remuneration Commission Chairperson Lyn Mengich said that the public wage bill has consistently remained above the 35 per cent to revenue ratio and continues to be physically unsustainable, thus shrinking the resources available for development and the government’s priority agenda.
Mengich said Kenya is a resource-scarce country where the expenditures of the public wage Bill, government operations, maintenance development, and international commitment compete for the limited resources that are generated in the country as revenue.
She said that it is important to apply the management of the wage bill, which requires a multi-sectoral, multi-disciplinary, and whole-government approach.
The primary outcome expected from the conference is the commitment to reduce the public Wage Bill to 35 per cent of revenue in line
with the provisions of the Public Finance Management Act of the year 2020-2012, with a target to achieve that by 2028.
Source: Kenya News Agency