PSPF calls on members to apply for loans for career improvement

The Public Service Pensions Fund (PSPF) has called on its members, who have contributed to the Fund for at least 24 months and those who have obtained admission to pursue further education to apply for loans so as to improve their careers.
 
Speaking at the on-going Public Servant Week in Dar es Salaam yesterday, PSPF finance officer Michael Tarimo said the Fund has introduced education loan so as to enable its members to pursue further education and sharpen their skills.
 
Tarimo added: “Education loan is for all PSPF members who have contributed to the Fund for at least 24 months and those who have obtained admission to pursue diploma, degrees, postgraduate studies or technical education in any university or institution accredited by NACTE or Tanzania Commission for Universities (TCU)”.
 
He pointed out that beneficiaries of the education loan programme are paid tuition fees on whether the college or university is in Tanzania or abroad.
“We call upon our members who are eligible to apply for education loans. We believe the programme would build up their careers,” he said. He noted: “Our vision is to be the provider of choice of social security services in the country as well as to provide competitive social security services to our members using dedicated staff and appropriate technology.'
 
The core value of the Fund is to provide services to its members and the general public while observing accountability, responsibility, responsiveness, integrity, diligence and transparency, he obseved.
 
However, the Public Service Pensions Fund is a social security scheme established by Public Service Retirement Benefits Act No. 2 of 1999. The main purpose is to provide for collection of contributions and payment of terminal benefits to members.
 
The Fund is operated under two different schemes known as PSPF Main Scheme and PSPF Supplementary Scheme of which membership is voluntary.
Membership to the Fund is open to any person who has been employed in the formal and informal sector. Previously, the Fund was established to manage a defined benefit scheme.
 
Meanwhile, amendments made by law extended membership of the scheme to include employees of formal and informal sector who are not registered under any other scheme. The aim for amendments is to extend social security services to everyone
 
The Fund is operating two schemes; the main scheme and the supplementary scheme and each one has its own terms. The former is a defined benefit social security scheme operating on social insurance principles while the latter is a defined contribution scheme.
 
SOURCE: IPPMEDIA

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