Start of registrations for the civil servants loan fund
Sunday Mail Reporter
Officials have until the end of the month to enroll in the $ 75 million Government Employee Mutual Savings Loan Fund (GEMS), which aims to improve the livelihoods of public workers through loans. flexible and concessional.
Interested government employees are required to register with their respective departments, who will then submit lists to the Salary Service Bureau (SSB) for deductions that begin in March.
Deductions of 2.5 percent of gross salary are voluntary.
Members will begin accessing short and medium term loans at a nominal rate of 10% per annum after contributing for three months.
In an interview with The Sunday Mail, Civil Service Commission Secretary Ambassador Jonathan Wutawunashe said members would now sign up first, as opposed to the original option which called for deductions first.
“We have asked the ministries to ask their members to fill out the forms and the SSB will then deduct the funds once the list is established. Initially, we had offered to have the money deducted and to withdraw later. However, we are now saying that they should register by filling out forms, which we believe will take some time. So we gave members until the end of February and early March, with deductions to start in March. “
Cheap personal loans are expected to improve the livelihoods of civil servants.
Loan thresholds should be between 10% and 15% per annum depending on the amount applied and the repayment period.