The government has availed $100 million as seed capital for the Government Employees Mutual Savings fund (GEMS), with the figure expected to be doubled.
GEMS is a scheme which seeks to create wealth during and after the termination of civil servants’ employment. Civil servants who join the scheme will be paying 2.5 per cent of their pay.
Speaking to reporters on Thursday in Harare, Public Service Commission (PSC) Secretary Ambassador Jonathan Wutawunashe said:
Government has provided seed capital of $100 million with the possibility of the amount being doubled to $200 million to support civil servants by kick-starting the scheme.
Since GEMS is being launched as a facility for wealth creation, upon the termination of employment members can withdraw the totality of their contribution with accrued interest.
GEMS is being introduced as part of the expanding portfolio of benefits to support the livelihoods of civil servants.
GEMS is not a compulsory scheme but civil servants join voluntarily and are expected to contribute 2.5 per cent of their salary.
They can withdraw all their contributions, together with the interest earned upon the termination of employment.