GEMS fund a ‘ponzi scheme’: Civil servants

CIVIL servants have called for the scrapping of the Government Employees Mutual Savings Fund (GEMS) saying it was a rip-off and a calculated move by their employer to keep them poor.

The loan fund was set up by Cabinet in March 2020 with government saying it would provide $100 million seed capital to improve the welfare of its employees.

Under GEMS, civil servants are subjected to 2,5% monthly wage deductions to support the loan scheme with government promising to refund those who pulled out of the scheme.

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