| National Savings Fund The National Savings Fund has been set up under the National Savings Fund Act, 1995, to replace the Employees Welfare Fund OBJECTIVES The objectives of the National Savings Fund are: (a) to provide for the payment of a lump sum - to an employee on his retirement at the age of 60 or earlier, or on his death; - in case of an employee over the age of 45 who retires on medical ground; - in case of an employee over the age of 45 who becomes redundant due to closure of business or reduction of labour force; - in case of an employee who retires under the Voluntary Retirement Scheme/Optional Retirement Scheme as per Sugar Industry Efficiency Act 2001; (b) to set up and operate for the benefit of employees, such schemes, including loan schemes, as may be prescribed. The Fund is being administered by the Ministry.  The National Savings Fund Technical Committee 1. Establishment of Committee The National Savings Fund Technical Committee has been constituted under Section 7 of the National Savings Fund Act 1995. 2. Functions The functions of the National Savings Fund Technical Committee are to advise: (a) the Minister in the discharge of his responsibilities under this Act; and (b) the Minister of Finance on matters regarding the investments of the Fund. 3. Composition of the National Savings Fund Technical Committee: | Name | Title / Address | | Mrs Scarlett Marcel | Chairperson appointed by Minister | | Mrs J. Sooben | Principal Assistant Secretary Representative of the Ministry of Social Security, National Solidarity & Senior Citizens Welfare and Reform Institutions | Three representatives of Employees (i) Mr R Sadien MSK (ii) Mr J.F.M Thomas,MSK (iii) Mr P. Buldee | President, State Employees Federation Assistant Treasurer, Mauritius trade union Congress General Secretary, National Trade Union Congress | Three representatives of Employers (i) Mrs Brinda Harjan (ii) Mr P.A de Chasteigner du Mée (iii) Mr Alladeen Joomun | Research Officer, Mauritius Employers' Federation Estate General Manager, Constance La Gaieté Co. Ltd Human Resource Manager - Quality Beverages Ltd | | Three representatives of Government (i) Mr J. Valaythen (ii) Mr M.K. Seebundhun Mrs C.HoFong (iii) Mr M. Soobrayen Armoogun | Accountant General Principal Financial & Management Analyst Assistant Director (Alternate Representatives) Ag Assistant Director,Ministry of Labour & IR | | Ex-officio Members (i) Mr A Gopaul (ii) Mr V.Rambarassah | Commissioner, Social Security Ministry of Social Security, National Solidarity and Senior Citizens Welfare & Reform Institutions Senior Financial & Management Analyst NPF | FINANCIAL YEAR 2007-2008 NATIONAL SAVINGS FUND (NSF) PORTFOLIO OF INVESTMENT AS AT MAY 2008 | | Nominal Value | Capital Value | % of Inv. on Portfolio | | | Rs | Rs | | | | | | | | Government Stocks & Bonds | 2,597,600,000 | 2,417,619,020 | 0.23 | | Treasury Bills & T-Notes | 3,632,900,000 | 3,545,757,478 | 0.52 | | Unlisted Shares | 75,915,579 | 77,006,479 | 0.01 | | Shares on Stock Exchange | 11,245,454 | 167,626,321 | 0.00 | | Rupees Deposits | 400,000,000 | 400,000,000 | 0.02 | | Foreign Currency deposits | 1,299,365,120 | 1,229,365,120 | 0.13 | | Foreign Equities | 234,655,897 | 234,655,897 | 0.04 | | Hedge Funds | 177,876,476 | 177,876,476 | 0.03 | | Loans to other Organisations | 89,840,559 | 89,840,559 | 0.02 | | | 8,449,399,085 | 8,339,747,350 | 1.00 |  |