Do you know that you are eligible to join GEPF ?
Here are the tips!
GEPF is a social security Fund providing social protection to its members using provident system approaches. Currently the Fund has two schemes namely Compulsory Scheme (CS)and Voluntary Scheme (VSRS). The Fund pays its members retirement benefits and death gratuity as a lump sum benefit which includes interest accruing to members’ accounts on six months basis. VSRS members are allowed part withdraw of their savings after contributing for six months. This provision allows members to finance some their essential needs while still members to the Fund.
What are the eligibility criteria to be in any one scheme?
For Compulsory Scheme, all government and government agencies employees who are employed on contracts of twenty months and above and those employed in the operational scale (or / and non-pensionable).
Contribution and retirement processes are handled through the employer who sends monthly contributions to the Fund and inform the Fund once a member reaches retirement age or ends his/her contract.
Voluntary Savings Retirement Scheme (VSRS) is for all Tanzanians who are capable of generating legal income, employed or self employed. They include farmers, fishermen, drivers, petty traders, food venders, organized groups such as VIBINDO and SACCOS, women groups, professionals, employed persons etc. It also covers employed staff who are already contributing in Social Security Funds on mandatory basis but would like to increase their retirement savings through supplementary scheme. The scheme allows members to;
- Deposit their savings at their own convenient time (daily, weekly, monthly or any period deemed appropriate). Such flexibility takes into account variable nature of their income.
- Set no minimum limits for the amount to be saved every month. This allows the member to vary contributions depending on the income of a given time.
- Provide members with different ways of depositing their savings including bank deposits, cash payments at GEPF offices, use mobile phones and agents or organized groups;
- Provide members with two accounts, occupational for meeting short term needs and retirement account for financing retirement contingencies.
What are the accruing benefits to members?
For the Compulsory Scheme the members receive the following benefits:-
- Interests accrue on member’s accounts twice a year;
- Death gratuity benefit;
- Lump sum retirement benefit;
- Withdrawal up to 40 percent of member’s contribution while still in service.
For the Voluntary Scheme the members receive the following benefits:-
- All time withdrawal benefit through the use of occupational account;
- Retirement lump sum withdrawal or staggered payment dependent on choice;
- Survivors benefit in case of death of a member;
- Loans from financial institutions using members’ savings as collateral.
When to redeem?
- When a member reaches a retirement age of 55 or 60 years
- Death of the member
- When a member graduates to a pensionable status where a member is transferable toPublic Services Pensions Fund (PSPF).
Please join now if you want to reap optimal benefits!!
For more information please contact:
Government Employee Provident Fund
First Floor,Ubungo Plaza,
P.O. Box 11492, Dar Es Salaam
Tel: +255 222 461 232/3