70,000 employees lost their jobs between october 2022 and November 2023

-


Jacqueline Mugo,Executive Director and CEO Federation of Kenya Employers 

NAIROBI,Kenya Nov 25... The Federation of Kenya Employers (FKE) has reported that in the formal private sector between october 2022 and December 2023 70,000 employees lost their jobs. 

"The employment  state is still very fragile and we receive notification from employers to declare  redundancies ,we are also conducting survey from Employers to determine the impact of increased costs on jobs" reads a statement by FKE 

In addition about 40 percent of employers have reported that they are planning to reduce the number of employees to meet the increasing cost of operating in the country,FKE will be launching the full survey report on jobs trends in December 2023 

Subsequently costs of capital in the country remains high making it hard for the private sector to operate ,interest rates, inflation ,market conditions and government policies are among the factors that has affected costs of capital 

On June 26 2023, Central Bank of kenya raised its benchmark rate by 100 basis point to 10.5 percent bringing borrowing costs to their highest since August 2016  which has made the cost of credit to businesses to go beyond reach which in turns affects business growth 

The overall year on year inflation rate as measured by consumer price index (CPI) was 6.9 percent in ,October 2023. 

Comments

Post a Comment

Popular posts from this blog

Chinese Language Teachers Association of Kenya encourages cultural exchange between Kenya and China

-
Image
Ms.Faith Mworia, Chairperson, Chinese Language Teachers Association of Kenya NAIROBI, Kenya  Dec 3...  The highly anticipated event brought together Chinese language teachers , delegates from Chinese embassy in Kenya and members of the public in celebrating Chinese language and culture. The association has over 200 teachers across different levels including primary,high school and tertiary schools teachers and lectures have managed to visit different schools teaching Chinese language and donated Audio-visual materials in enhancing the teachers teaching capacity  Furthermore, the event acted as a bridge building between the two cultures which symbolizes beautiful harmony that arises when diverse communities come together , It embodies the essence of cultural exchange,  fostering,  understanding and promoting unity between Kenyans and Chinese "As we celebrate 60 years of friendship between Kenya and China this year, we the alumni stand to be counted first as ambassadors
Read more

Chinese leader Xi Jinping respond to a letter from Kenyan students and alumni of Beijing Jiaotong University

-
Image
PHOTO: Xi Jinping, President The people's Republic of China. NAIROBI, Kenya Jan 26... The letter by representatives and alumni of Kenyan students at Beijing Jiaotong University to President Xi Jinping appreciating education they received in China Chinese Leader Xi Jinping lauded friendship of the two countries saying that Mombasa-Nairobi standard gauge railway (SGR) is a flagship project and succesful example of belt and road cooperation between Kenya and China Xi commending that it has made travel easier and created jobs for Kenyan people and strengthen regional connectivity as well as serving as a symbol of China-Kenya friendship and a hub for people to people exchanges "I am glad to see that this railway to happiness  has also created a bond between you and China making you not just witnesses and beneficiaries but also contributers and promoters of China-Kenya and China Africa friendship" said President Xi jinping The Chairman Kenya China alumni association
Read more

5th Edition of Chinese Spelling Bee competition attracts more participants

-
Image
PHOTO: Ms Faith Mworia,  Chairperson Chinese Language Teachers Association of Kenya (CLTAK) speaking during a past event  NAIROBI, Kenya Mar 16... The event themed "Bigger and Better" was organized by the Spelling Bee Secretariats Ms. Wanjiku Mbugua of USIU and Ms. Faith Mworia of Discovery Chinese Cultural Training Center and supported by the Chinese Language Teachers Association of Kenya ,The Kenya China Alumni Network and various Confucius Institutes. USIU- Africa University hosted the event which attracted Schools such as Woodcreek school, Statehouse girls, Juter academy, Discovery Chinese Cultural Training Center, Kitengela International school, Royal Brains school Ruaka and Bypass, The Confucius classroom USIU-Africa, Confucius Institute University of Nairobi and Confucius Institute Kenyatta University. Kenya China Alumni Association chair, Henry Rotich in his speech said that Kenyans who can communicate effectively in Chinese language serve as bridges betwe
Read more