SMEs encouraged to join saving, retirement schemes

By Gadiosa Lamtey

Government Employees Provident Fund' (GEPF)

Small and medium entrepreneurs (SMEs) are been encouraged to join the Government Employees Provident Fund’ (GEPF) and the Volunteer Savings Retirement Scheme (VSRS) to ensure they are covered in the event of emergencies.


Speaking yesterday at the launch of the Public Service Week at Mnazi Mmoja grounds in Dar es Salaam, GEPF Marketing Customer Service Manager, Alocye Ntukamazina, said the scheme cover a broad range of business related emergencies including medical care for employees as well as other financial emergencies including even school fees for members’ children.

He said, established only five years ago, the scheme has already attracted well over 35,000 members who join voluntarily and have so far saved in excess of 6bn/- and pointed out that members are allowed to get up to half the amount of their individual savings.

He also highlighted that, the members enjoy yearly interest on saving earned from investments that the fund makes.

Ntukamazina said the scheme targets to reach 60,000 small and medium entrepreneurs to join VSRS by the end of this year and in this effort he called upon Dar residents to visit their pavilion at the Mnazi Mmoja grounds to learn of the many benefit the schemes have to offer.

In 2013, the fund managed to collect 37.9bn/- out of which 9.6bn/- has paid pensions and the reserve of 28bn/- is available to meet the members emergencies.

GEPF is expected to build over 400 affordable houses in Kigamboni in this financial year that begins next month and it is to carry out a similar initiative in Mwanza, Tanga, Arusha and Dodoma.  

SOURCE: THE GUARDIAN