The government has launched a savings facility for public sector workers known as the Government Employees Mutual Savings (GEMS) Fund.
Speaking at the launch this Friday, the Secretary to the Public Service Commission, Jonathan Wutawunashe said GEMS will be a revolving facility for civil servants who voluntarily choose to participate in it.
Wutawunashe further revealed that those who participate will be able to access funds at their time of need at concessionary rates far below the prevailing market rates. He said:
In cognisance of the need to cushion its workers and in preparation for a rainy day which can come for any one of us at an unexpected time, Government has set up the Government Employees Mutual Savings (GEMS) Fund.
GEMS loans can be used for any projects or need of the civil servants’ choice.
Government workers other than civil servants can opt in by applying to the Secretary to the Public Service Commission.
Participants can access short to medium term loans after an initial three months accrual of contributions.
They will submit applications through their Heads of Ministries and Departments.
A concessionary lending rate of 10% per annum has been set, with the expectation that lending thresholds will range between that rate and 15% per annum, depending on the actual amount applied for and the desired repayment period.