The Public Service Commission is operationalising the Government Employees Mutual Savings (GEMS) fund by appointing a seven-member board of the fund seconded by stakeholder organisations.
The fund mobilises financial resources through voluntary pay deductions from participating staff augmented by contributions from the employer, for sole purpose of on-lending to civil servants.
GEMS fund membership is voluntary and civil servants contribute at 2,5 percent of their gross pay.
In a statement last night Secretary of the Service Commissions Dr Tsitsi Choruma said the PSC was acting in terms of the GEMS constitution in appointing the board of the fund with immediate effect.
All seven members have been seconded by stakeholder organisations. Members with the seconding organisation in brackets are: Mr Daison Nyanyiwa -- Director, Internal Auditor (APEX Council); Mr Message Madimutsa -- Administration Officer (Apex Council); Mr Gibson Mushangu -- Teacher (Apex Council); Mr Clive Mphambela -- Chief Director, Resource Mobilisation (Ministry of Finance and Economic Development); Mrs M. F. Matongera -- Director (Ministry of Public Service, Labour and Social Welfare); Mr N. Charumbira (Office of the President and Cabinet); Dr Farai Gaba -- Deputy Director Financial Investments (Public Service Commission).
Section 6 of the GEMS Fund constitution provides that: "The operations of the fund shall, subject to the provisions of this constitution, be controlled by the board".
Dr Choruma said the GEMS Fund was formed by the Tripartite process that included the Office of the President and Cabinet, the Ministry of Finance and Economic Development, and the Public Service Commission in 2020 with the goal of inculcating a saving and wealth-creation culture in Government workers.
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The mutual fund provides civil servants with non-monetary benefits meant to improve their conditions of service. The fund will receive monthly contributions from members as a form of savings, made via direct deductions from members' salary or other forms of payment.
It will then provide financial assistance to members in the form of loans or similar instruments, undertake or assist in the creation, management and or administration of other funds, the nature of which, and whose objects are, similar to its own.
It can also operate, manage or administer any service which is conducive to the provision of financial security to members.
"The GEMS Fund has all along been managed by an interim management committee which reports to the Secretary of the Public Service Commission," said Dr Choruma.
"The appointment of the GEMS Board is intended to promote independent running of the Fund and to also ensure that stakeholders interests are well-represented in the day to day running of the Fund."
