This week’s Money Weekly is brought to you by Jubilee Money Market Fund

Hello and welcome to the Money Weekly Newsletter, where hundreds of government employees are uneasy about their jobs.

The national government has begun the slow (and painful) process of merging 42 state corporations into 20 entities, while dissolving 25 others. To this end, Head of Public Service Felix Koskei has issued a memo freezing recruitment, contract extensions, salary reviews, and capital projects.

What Koskei Is Saying:“A moratorium is issued on recruitment and renewal of contracts for Chief Executive Officers or any other officers serving on contract terms, at the lapse of their current tenure. Any ongoing recruitment processes of staff in any cadre are halted forthwith. Any implementation or approval of new human resource policies, personal emoluments and benefits of any kind, staff organization, salary structures, or rollout of any new capital projects is hereby suspended.”

What This Means: Employees in some of the affected institutions are likely to lose their jobs, especially when their contracts end, at a time when the economy continues to worsen.

Some Institutions Affected:

• University Fund and Higher Education Loans Board
  

• Kenya Tourism Board and Tourism Research Institute
  

• Export Processing Zones Authority and Special Economic Zones Authority
  

• Anti-Counterfeit Authority and Kenya Industrial Property Institute
  

• Kenya Copyright Board
  

• Kenya Industrial Research and Development Institute and Kenya Industrial Estates

Yes, But: President William Ruto, in January this year, assured the public that no jobs would be lost, noting that staff from affected institutions would be absorbed into the public service.

"No State Corporation function will be lost, and no jobs will be lost, as all affected employees will be absorbed into the Public Service. This is in line with the commitment to streamline government operations, reduce waste, and curb excesses," Ruto stated.

Here is a quick recap of the top money news for the week:

NEWS RECAP

What happened this week

Nairobi County’s New Regulations

• Boda boda riders and taxi drivers will be hit with new fees and hefty fines if the proposed Nairobi City County (Taxi Cab Permit) Regulations of 2025 are adopted. All taxis and bodas will be required to register with a Sacco or a company. Taxi operators will face a Ksh1,000 application fee. Those operating fuel-powered vehicles will be required to pay Ksh8,000, while their counterparts using electric vehicles will pay Ksh4,000.

• “A person who contravenes any provision of these Regulations commits an offence and is liable, on conviction, to a fine not exceeding twenty thousand shillings for a first offence, and a fine not exceeding Ksh30,000 for every subsequent offence, or a prison term not exceeding six months, or both.”

• Separately, the county, in the Nairobi City County (Low Emission Zones) Regulations, is looking to designate some areas within the city as low-emission zones where motorists will pay a Ksh1,000 fee to drive in.

A Phone Comes With Health Insurance

M-KOPA has launched the M10 smartphone, packed with features and bundled with a Ksh30,000 annual hospital cash cover at no extra cost. If you're admitted to a hospital, you'll receive Ksh1,000 for every night spent there. What could be better than that?

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MONEY TIPS & TOOLS

This week’s finance tips

Welcome to Money254's Money Tips! Here, we share quick and easy tips that make understanding and managing your money a breeze. We break down the tricky parts of your finances and the financial landscape, making it simple and clear for you. Stay tuned for helpful tips every week.

MONEY254 #MONEYTOK OF THE WEEK

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That’s a wrap for this week’s Money Weekly!

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Tony and the Money254 editorial team.