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Old 26-10-2003, 08:39 AM
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Nasfund Update

1. Savings & Loan Society

The above has been set up and those who would like to join can advise me so I can set them up. The minimum balance to contribute per fortnight is K20.00 or a percentage of an individual's salary. For those who are already contributing additional 5%, your savings will be automatically transferred to the S & L. On the last statement that was issued for the period up to May'03, the additional contributions were shown as Education Savings. If you wish to keep it as education savings, please advise me or Nasfund to transfer back. Only a small number of staff in this office are contributing the additional %. Interest rate will be 7%.

2. Housing Advance Scheme

The advance will only be approved if you intend to use it only for the purpose of purchasing or constructing a home and the home is or will be your principal place of residence.

The amount you are entitled to receive is limited to a maximum of 60% of your total contributions (Employer plus Employee). If you are applying for a second or subsequent time, the amount you are entitled to recieve, shall not exceed the amount you received in the first advance.

This is a general rule to those who are thinking of getting an housing advance.

a) In relation to an existing principal place of residence, the advance can only be granted for the purpose of purchasing solar panels, Power generators, stove and refrigerator.

b) Advance can also be granted to meet the cost of substantial renovations or improvements to an existing princial place of residence for the value exceeding K1000.00.

c) If a principal place of residence is being contructed in the village, than a nominal amount of up to K600.00 can be granted to pay for village labour and transportation cost of housing materials.

Your rate of contribution will be increased by a further 2% until you have fully repaid the advance.


Please refer to the previous email I sent out last week.


If after 3 months you are still unemployed, you will become entitled to make a partial withdrawal, under situations of hardship, in the following ways:

a) If the member's total contribution is less than K1,000 than he will be allowed to withdraw the whole of his contributions immediately.
b) If a members total contribution exceeds K1,000 than he will be entitled to make partial withdraw on a monthly basis for a sum of K200 or 50% of his monthy gross salary - whichever is greater.

The member is entitled to continue to receive the partial withdrawal until he becomes re-employed or the contribution is exhaused or the 12 months period expires which entitles him to receive his full balance of contribution. (the waiting period is now 12month and not 6months).

5. 2% LEVY

The 2% levy that the company or employer contributes will cease in July 2004.

Updates from the half day Nasfund seminar held at the Holiday Inn, Friday, 24th October, 2003.
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