By Sturmius Mtweve,The Citizen Reporter
In Summary
Dar es Salaam. Public and
private institutions have been urged to provide training on
entrepreneurial skills to their employees as part of preparing them for
retirement.
The skills, according to the minister for Labour
and Employment, Ms Gaudensia Kabaka, are meant to help them establish
sustainable and profitable businesses that will bring little stress and
plenty of time for hobbies during retirement life.
Ms Kabaka was speaking at the official launch of
Wastaafu Loan —an initiative by the Tanzania Postal Bank (TPB) and the
Local Authorities Pension Fund (LAPF) — to help the fund pensioners have
access to loans for meeting their needs out of work life.
According to the minister, pensioners were
previously denied loans from financial institutions due to their
inability to produce valid documents regarding their pay scheme but
since the problem has been solved, they will now have access to loans
without collaterals or need for guarantors.
To have an effective use of them, incorporating
entrepreneurial skills among them is an important aspect for them to
have successful businesses.
Through Wastaafu Loan scheme, LAPF pensioners will
be able to borrow between Sh500,000 and Sh20 million for establishing
sustainable, successful and profitable businesses for generating their
incomes and their repayment is between one and three years depending on
their monthly pensions.
Ms Kabaka warned that pensioners needed to have
specific reasons or businesses before borrowing money from the bank to
avoid misuse of the money which may lead them to live miserable lives.
“All LAPF pensioners can have access to the loan scheme through our 49 branch network scattered all over the country.
“Borrowers will not need to have collaterals. This
loan is insured –and in case the borrower dies, family members will not
be required to pay on his/her behalf,” said Mr Sabasaba Moshingi, TPB
chief executive.
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