| 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 S. Manikon |
President, State Employees Federation
Assistant Treasurer, Mauritius Labour Congress
General Secretary, National Trade Union Congress
| | Three representatives of Employers
(i) Dr. V. Ragoobur
(ii) Mr P.A de Chasteigner du Mée -
(iii) Mr Alladeen Joomun - |
Economist, Mauritius Employers' Federation
Estate General Manager, Constance La Gaiete Co. Ltd
Human Resource Manager - Qualite Beverages Ltd
| | Three representatives of Government
(i) Mr J. Valaythen
(ii) Mr M.K. Seebundhun
Mrs C. Ho Fong
(iii) Mr R.Gunness |
Accountant General
Principal Financial & Management Analyst, Ministry of Finance & ED
Assistant Director (Alternate Representatives)
Assistant Director, Ministry of Labour & IR
| | Ex-officio Members
(i) Mr F Fatadin
(ii) MR V Rambarassah
(iii) Mr C.Botha |
Ag. Commissioner, Social Security
Ministry of Social Security, National Solidarity and Reform Institutions
Senior Financial & Management Analyst
Investment Adviser
| | Secretary - Mr V.Seedoyal | Assistant Secretary, Ministry of Social Security,National Solidarity and Reform Institiutions | Note: Fees to Chairperson are paid monthly and other members per sitting.
FINANCIAL YEAR 2009-2010
NATIONAL SAVINGS FUND (NSF) PORTFOLIO OF INVESTMENT AS AT JUNE 2010 | | Nominal Value | Capital Value | % of Inv. on Portfolio | | | Rs | Rs | | | Government Stocks & Bonds | 4,396,985,243.80 | 3,904,840,961.00 | 34.47% | | Treasury Bills & T-Notes | 4,422,393,473.97 | 4,186,380,942.00 | 36.95% | | Unlisted Shares | 145,491,804.00 | 84,765,214.00 | 0.75% | | Shares on Stock Exchange | 258,960,966.45 | 174,495,394.15 | 1.54% | | Rupees Deposits | 1,198,679,073.47 | 1,175,123,731.00 | 10.37% | | Foreign Currency deposits | 1,353,914,818.27 | 1,311,188,295.69 | 11.57% | | Foreign Equities | 501,776,037.00 | 234,655,897.21 | 2.07% | | Hedge Funds | 211,100,111.68 | 177,876,475.58 | 1.57% | | Loans to other Organisations | 68,540,275.00 | 79,540,956.00 | 0.70% | | | 12,557,841,803.64
| 11,328,867,866.63 | |
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