Businesses & Financial News

FKE appoints Bankers lobby CEO Habil Olaka as President

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Employers lobby group, The Federation of Kenyan Employers (FKE) has appointed Kenya Bankers Association (KBA) Chief Executive Habil Olaka as its new president replacing Mark Obuya at the helm.

Olaka’s appointment takes effect immediately and will run for two years. He has previously served as FKE Vice President.

Until his appointment, Dr. Olaka has been sitting on the federation’s board as a representative of the banking sector.

“The members are confident that the reconstituted Management Board under the able leadership of Dr. Olaka will steer the Federation to the next level and help the employers and the country enhance enterprise survival and save jobs during this pandemic period and beyond,” said a statement signed by FKE Chief executive Jacqueline Mugo.

The announcement comes at a time when the labor market continues to reel from the devastating impact of coronavirus, with several enterprises currently undergoing distress of unprecedented economic and social impact of the pandemic.

The association for instance estimates that since April this year about 47 of its member companies have been forced to reduce their staff numbers as they were unable to afford paying wages of 1,118 staff.

Kenya National Bureau of Statistics (KNBS) in June 2020 which indicates that Covid-19 pandemic has resulted into 48 per cent of working population working less hours and 61.9 per cent of absent from work cases.  In addition, 77.8 per cent of those not in work because of Covid-19 are not sure when they will return to work.

“The Federation of Kenya Employers also takes note of the adverse impact the Covid-19 pandemic has had on the World of Work globally which has completely shifted the business and resulted into job losses,” it notes.

Data by ILO estimates that the world lost 5.4 per cent of working hours, which is equivalent to 155 million fulltime jobs)in first half of 2020 and the loss is projected to reach 14.0 per cent, which is about 400 million fulltime jobs in the second half of the year.

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