Tuesday, 19 August, 2008
The Local Authorities Pensions Fund (LAPF) has introduced a loan scheme for its members through Savings and Credit Co-operative Societies (SACCOS). A Press Statement issued by the LAPF Director General, Mr Eliud Sanga, said that the loan package is part of the Fund’s mission to improve the benefits offered to its members.
“The main objectives of this product are to enable LAPF members engage in income generating activities, to join the government’s efforts in improving lives and poverty alleviation,” part of the statement said. The statement called on LAPF members employed in district councils, towns and municipal councils to form SACCOS so that they could access the said loans.
“These loans will be advanced to SACCOS at the rate of ten per cent per year and every SACCOS will be required to lend to its members at the rate not exceeding 13 per cent per year,” the statement further said. To qualify for the loans, the borrowing credit societies will be required to obtain a written credit guarantee from their respective councils.
The statement added that apart from the loans through SACCOS, its members nearing the retirement age will soon be allowed an advance payment of their benefits so that they can prepare for life after public service. “The Fund has begun to offer its members with five years to retirement part of their benefits to enable them meet capital expenditure requirements before their actual retirement,” the statement added.
Source: http://dailynews.habarileo.co.tz/
