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.

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