Kenyans Working in Finance & Insurance Sectors Ranked Highest Earners
According to data released by the Kenya National Bureau of Statistics (KNBS), despite having a larger percentage of Kenyans unemployed, 39.6 percent of the Kenyan employees working in banks and insurance firms are among the highest earners, receiving more than Kshs. 100,000 per month.
Among the top payers in the country also includes international organizations such as the United Nations with 26.6 percent of employees taking home a six-figure salary. Workers in the arts, entertainment, and recreation also benefit from competitive benefits, with slightly more than a fifth, or 1,902, joining the elite club of top earners.
According to the report, a fifth of 15,173 workers in the water and sewerage companies are also among the top earners in the country.
Lenders and underwriters have a combined workforce of 77,754 out of which about 30,787 are top earners. The average salary in the country during the period under review was Sh69,100.
Among Kenya's 2.9 million employed people, 310,884 earn more than Sh100,000 per month, shielding them from the rising cost of living, which threatens to push a third of the middle class into poverty. This accounts for 12.37 percent of the total workforce, a figure that analysts believe closely matches Kenya's consumption patterns.
Last year, the number of workers earning more than Sh100,000 increased by 15%, or 48,000, to 358,833. The increase in the number of people earning more than $100,000 reflects the economy's continued recovery in the post-Covid-19 period.
According to the State Statistics Agency, earnings or wages include all cash payments, including basic salary, cost of living allowances, and profit bonus, as well as the value of rations and freeboard, and an estimate.
According to the State Statistics Agency, earnings or wages include all cash payments, including basic salary, cost of living allowances, and profit bonus, as well as the value of rations and freeboard and an estimate of the employer's contribution to housing.
Other top earners in the formal sector include administrative and support services (24.4%), human health and social work (23.5%), and utility companies like electricity distributors (18.2 percent). This category also includes approximately 17.7 percent of workers in wholesale and retail trade.
Despite the fact that the country has seen rapid growth in information and communications technology (ICT) over the last decade, with corporate behemoths like Safaricom reporting record profits, only 13.2 percent of the workforce is employed in ICT.