The government has announced that the Government Employees Mutual Savings Fund (GEMS) loan facility is ready to roll out from 1 May 2021.
Public Service Commission Secretary, Ambassador Jonathan Wutawunashe, announced the development in a statement that observed that qualifying members of the voluntary fund can apply for loans.
Qualifying members are those who have made contributions for three consecutive months and can start applying on the 1st of May 2021,
Loans are short term and medium term. Short term loans will have a tenure of up to 12-months, with members able to apply for five times their net salary for a maximum of ZWL$100 000.00.
Medium Loans will be a thirty-six-month facility which is for a maximum of eight times one’s net salary for a maximum amount of ZWL$500 000.00. A minimum interest rate of 10% shall apply per annum.
GEMS members are expected to collect and submit application forms at any National Building Society Bank (NBS) branch nationwide or from PSC offices nearest to them.
Applicants should attach copies of Identification Card or valid passport or drivers licence; a Payslip not older than three months and fill the GEMS Loan Application Form and TY30 deduction form. ZWL$200.00 application fee is levied on all applications.
Ambassador Wutawunashe said the level of interest so far expressed by government workers who voluntarily joined the scheme in their numbers is impressive.
PSC is expecting more civil servants to apply to participate as the benefits of membership become more apparent.
The Public Service Commission has shared the information on GEMS rollout with the leadership of the Apex Council.