Government injects $75 million towards civil servants fund

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THE government has injected $75 million as seed capital towards a civil servants mutual savings fund, Government employees Mutual savings Fund (Gems), aimed at providing loans and a retirement package.
According to the Public Service Commission (PSC), the voluntary fund is with effect from this month. “Treasury has already provided an initial $75 million as seed capital for the Gems fund. Monthly contributions from willing government employees, at 2,5 percent of gross salary will now complete the launch of the fund.

“The Gems fund is aimed at benefiting government employees during the course of their employment and into their retirement by offering loans and similar products at concessionary rates.