The Sunday Mail
IN line with Vision 2030 as espoused by President Mnangagwa, the Government continues to demonstrate commitment to improving the welfare of its workers. In order to achieve this, the Government through the Public Service Commission has seen been complementing monetary benefits (which are salaries and allowances) with non-monetary incentives.
As a distinct way of delivering on the promises of ensuring livelihoods of Government workers are improved, the Second Republic continues to enlarge the basket of non-monetary benefits. One of these benefits is the Government Employees Mutual Savings (GEMS) Fund which was established in 2020 and continues to be available to civil servants to enjoy.
The GEMS Fund is a wealth-generating scheme that seeks to instill a culture of savings among civil servants.
The GEMS Fund provides an affordable source of loans which can be used for development at individual or family level by civil servants.
Interviewed beneficiaries have confirmed using the loan funds for, among other things, tuition payments for children or for further studies of members of the civil service; or also for some home improvement projects such as extending homes, installing a borehole or solar system, or whatever else members have wished.
Members can also apply for loans through this facility for purposes of emergencies such as medical expenses.
Against a backdrop of price distortions in the market, where interest rates for most available loans could go as high as 100 percent per annum, the GEMS scheme offers concessionary interest rates of 10 percent per annum, making it very competitive and favourable for civil servants. As at June 30, 2022, 26 924 public servants had benefited from GEMS. Demand for loans continues to be high. Treasury is expected to periodically inject more money into the Fund to meet demand.
So far the majority of beneficiaries of the facility have been females at 63 percent, while 37 percent of beneficiaries have been males.
A whopping 99 percent of beneficiaries have been below Director level and only 1,4 percent were Directors.
The GEMS Fund is a voluntary scheme open to all civil servants and is set to benefit them during their employment and post-employment period. Accumulation of personal savings, together with interest, will be paid to members upon termination of service in a form of defined contribution.
Applications by GEMS members can be submitted primarily through PSC provincial offices and district offices, among other points.
Applicants are expected to attach a copy of their IDs, valid passport, driver’s licence or payslip not older than three months and fill the GEMS Loan Application Form and TY30 deduction form.
This is part of a series of articles by the Public Service Commission aimed at engaging with and updating the public on matters of public interest that fall within its mandate. For comments, enquiries and questions, please write to [email protected]. Call: +263 242 700881-3 or 793926. WhatsApp +263 788 584 848 For more on the PSC and its programmes, visit www.psc.gov.zw or follow on Facebook Zimbabwe Public Service Commission or Twitter @Public Service Commission Zimbabwe or LinkedIn Public Service Commission Zimbabwe.
