Individual-Linked Savings Facility (ILSF)
The GEHS individual-linked savings facility is established in terms of clauses 126.96.36.199 and 188.8.131.52 of the PSCBC Resolution 7 of 2015.
Accumulated savings shall only be accessed for the purpose of acquiring homeownership, building and/or improving a home acquired for ownership.
Features of the Individual-linked Savings Facility:
- Administered by the GEHS Office (including all liaison)
- National Treasury is the Funds Manager
- Saved funds earn interest
- Employees will receive periodic balances (quarterly) of accumulated savings including interest
- Tax deduction is deferred until the withdrawal of funds
- Applications for withdrawal will submitted to HR Units in Depts. Detail circular in this regard will be forwarded. Funds will be ready for withdrawal in during October 2016.
- The ILSF to be audited annually