- A report by the Federation of Kenya Employers (FKE) showed 40% of employers planned job cuts in 2024 amid high taxation
- G4S Kenya was the latest firm to declare redundancy, citing harsh economic conditions that had reduced business and raised operating costs
- While explaining the job losses, FX Pesa lead market analyst Rufas Kamau cited high taxation as the main contributing factor
TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting and offers profound insights into Kenyan and global economic trends.
Despite the government's claims that the economy has significantly improved, several companies are cutting jobs, indicating harsh economic times.
Most companies have decried high taxation under President William Ruto's administration. Photo: William Ruto. Source: Facebook
Why companies are firing
A report by the Federation of Kenya Employers (FKE) showed that 7,000 or 3% of formal workers lost jobs between October 2022 and November 2023.
The report revealed that 40% of employers planned further job cuts in 2024.
FKE cited the increase in interest rates, tax measures, global geopolitical developments, and climate change as the main reasons affecting business in the country.