Provident fund to continue

Wednesday, November 18th, 2009

Government has decided to continue with the civil service employee’s provident fund temporarily. This was done at a time when depositing money into this fund was stopped.

The cabinet deliberated on a paper submitted by the Ministry of Finance and Treasury on abolishing the provident fund and also to invest the money in this provident fund. After these deliberations, the government decided to continue the provident fund keeping in mind the economic climate of the country.

Permanent Secretary of the Finance Ministry Ismail Shafeeq said that since October of this year, depositing money to the provident fund was stopped. He also said that the future of provident fund is yet to be decided and that currently they are seeking the advice of the President to arrive at a decision.

Till June of this year, the provident fund has a total of Mrf 435, 212, 806.14 in it. This includes Mrf 199,603,547.27 deposited by the government employees and Mrf 335,609,258.87 deposited by the government.

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