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(Date Posted:27/08/2008 15:59:15)
In the wake of the implementation of the report of the Pay Research Bureau (PRB) 2008, Government has launched a savings scheme for public officers with maturity of 3, 4 and 5 years. The aim is to mitigate pressures on prices and encourage savings by public officers.The PRB savings scheme which is meant for employees of the Civil service, parastatal bodies and local authorities, will run over a period of five years starting from October 2008 and will come to an end in September 2013. The interest on these savings will be linked to inflation so as to ensure a positive real return. As outlined in the 2008-2009 budget speech, this scheme will brake consumption spending, encourage savings and reduce the amount of liquidity in the system so as to make the fight against inflation easier. The monthly contributions under this scheme will be as follows; public officers drawing a monthly salary of not more than Rs 15 000 can make monthly contributions in multiples of Rs 100 and those earning more than Rs 15 000 can invest in multiples of Rs 500. The minimum contributions are as follows: SalaryRange | Minimum Contribution | < Rs 15,000 | Rs 500 | Rs 15,0001 to Rs 30,000 | Rs 2,000 | Rs 30,0001 to Rs 60,000 | Rs 3,000 | Rs 60,001 & above | Rs 5,000 |
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