Office: Galerie Remy Ollier Building, Port Louis
Telephone: +(230) 212-0521
Fax: +(230) 208-2749
Parent Ministry: Ministry of Local Government
Created by an Act of Parliament in 1996
The Fund is managed by a Board of Directors appointed by the Ministry of Local Government and chaired by the Permanent Secretary of the same Ministry. The Fund is managed in the best possible manner to achieve a superior return balance with its long-term growth, benefiting primarily its pensioners, associates and employees.
The Fund which was formerly known as the Widow’s and Orphans’ (Statutory Bodies) Pension Fund caters mainly for the pension needs of spouses and orphans of deceased employees from all Municipal and District Councils, and other member Statutory Bodies like the Sugar Industry Labour Welfare Fund and the Town and Country Planning Board.
3. Sources of Funds
Funds are received mainly by way of monthly contributions from the employees and their employers and also from banks as deposit interests. The number of adherents to the Fund as at 31 October 2003 was 6577. Contributions collected between January and October 2003 was in the region of Rs 20 million whilst interest by banks for the same period amounted to Rs 37.7 million.
4. Applications of Funds
The main item of expenditure for the Fund is the payment of pensions which approximates Rs 20 million annually. Additionally, there exists an interesting Housing Loan Scheme in force since early 1970 to give financial assistance to members to either construct or buy a house at concessional rate of interest which, currently, is to the tune of 9% per annum. Maximum allowable loan is Rs 500,000. Between 2500 and 3000 employees have over the years benefited from such facilities.