Michel Nkurunziza<\/b><\/p>\n
Africa-Press – Rwanda. <\/strong><\/span>Rwanda Social Security Board (RSSB), on Wednesday, August 16 held an annual consultative meeting with all district coordinators of EjoHeza Long Term Saving Scheme to assess the last fiscal year performance and devise fresh measures to increase new savers and savings.<\/p>\n The long-term savings scheme was established by the Government of Rwanda under law N\u00b0 29\/2017 of June 29, 2017.<\/p>\n It is primarily intended to help informal sector workers have access to pension benefits once they retire \u2014 while aged 55 \u2014 but formal employees can also be members to it if they want as a complementary pension.<\/p>\n It was introduced given that only about 8 per cent of Rwanda\u2019s workforce \u2013 estimated at 5.4 million \u2013 had access to long-term savings through pension schemes, while the remaining \u2013 about 92 per cent, such as motorcycle taxi operators, farmers, and some masons and traders were excluded.<\/p>\n In a consultative meeting to assess the scheme\u2019s performance, RSSB Chief Executive Officer, Regis Rugemanshuro, commended EjoHeza scheme coordinators across the country for their efforts in sensitising citizens about its benefits.<\/p>\n RSSB Chief Executive Officer, Regis Rugemanshuro addresses district coordinators.<\/p>\n He urged Rwandans to embrace the saving scheme to be able to reap pension benefits in the future.<\/p>\n He also lauded local leaders for their commitment in mobilising and educating citizens about EjoHeza benefits.<\/p>\n Augustin Gatera, Head of EjoHeza Department at RSSB, said last fiscal year, Rwf 11.03 billion savings were collected against a target of Rwf 11.1 billion, hence the achievement was 91 per cent.<\/p>\n Last year, he said, new savers were 706,048 against the target of 738,075, hence the achievement was 96 per cent.<\/p>\n He said the meeting with EjoHeza coordinators on August 16, devised new measures to sensitise people about the scheme\u2019s benefits to be able to achieve 2023\/24 targets, although it is no longer part of districts\u2019 performance contracts.<\/p>\n \u201cWe want to devise ways the local leaders can effectively continue to help us mobilise citizens as they used to do, although the scheme\u2019s targets are no longer integrated in the districts\u2019 performance contracts,\u201d he said.<\/p>\n Measures for 2023\/24 fiscal year<\/p>\n He said that in two months\u2019 time, different measures will be put in practice to attract more subscribers and boost savings.<\/p>\n \u201cOne of the measures is using financial technology or fintech. This will help subscribers to make choices in the mobile money system so that it can automatically deduct any committed amount of savings to the scheme in a certain period they have set up,\u201d he said.<\/p>\n The consultative meeting aimed to assess the last fiscal year performance and devise fresh measures to increase new savers and savings.<\/p>\n He mentioned that telecom companies will also help subscribers to save, voluntarily, an amount of money to the scheme whenever they buy any product<\/p>\n \u201cFor instance, if you buy a Rwf5,000 product, the mobile money system can give you a choice to add Rwf100 on that amount which will be transferred to Ejo Heza as saving,\u201d he explained. There will be an option to opt in or out as the scheme is voluntary by nature.<\/p>\n Other measures include working with BK school management system Urubuto and with COGEBANQUE on School Gear with a school fees payment solution to integrate an option to help parents willingly pay any amount of savings in EjoHeza for their children when done paying school fees.<\/p>\n \u201cSuch measures are timely to fill the gap given that EjoHeza is no longer integrated in districts\u2019 performance contracts. We want that government to reintegrate it in districts\u2019 performance contracts,\u201d he said.<\/p>\n By 2024, in June, Gatera noted, the EjoHeza scheme must have 3.5 million active savers with Rwf61.4 billion savings based on National Strategy for Transformation (NST1) targets.<\/p>\n So far, since its inception, the scheme has 3.3 million subscribers of whom 2.8 million are active subscribers who have saved Rwf49 billion in EjoHeza scheme, Gatera noted.<\/p>\n This amount is a total asset under management composed of savings by members, interests earned and government matching contributions.<\/p>\n At least 5,800 members, he said, have received their benefits whether at the age of 55 or inheritance benefits (if a member passes away).<\/p>\n Gatera said that if Rwandans do not embrace pension schemes, it implies that once they are unable to work due to old age, injury or disease that inflict permanent disabilities on them, they will have nothing to fall back on for a living and will be a burden to their families or the government.<\/p>\n District coordinators\u2019 commitments<\/p>\n Following Wednesday\u2019s consultative meeting, EjoHeza district coordinators committed to use different measures in meeting 2023\/24 fiscal year targets.<\/p>\n The long-term savings scheme was established by the Government of Rwanda under law N\u00b0 292017 of June 29, 2017.<\/p>\n Julienne Ntakirutima, the EjoHeza scheme coordinator in Karongi District said they are going to mobilise citizens by forming Ejo Heza saving groups to be able to attract more subscribers.<\/p>\n \u201cWe have to mobilise citizens starting from Isibo-an administrative level under the village. We will help them form saving associations so that they also consider saving for EjoHeza,\u201d she said.<\/p>\n She said the sensitisation will also target cooperatives, schools, and employers in different sectors such as construction among others.<\/p>\n \u201cWe have to map all opportunities we have to boost the savings scheme. After sensitisation we will keep monitoring and reporting the saving progress,\u201d she said.<\/p>\n Emmanuel Ntabyera, EjoHeza coordinator in Kirehe District, said the district has so far 70,000 members who have saved over Rwf1 billion.<\/p>\n \u201cThere is a need for strong collaboration with local leaders to increase the numbers. We want 5 per cent of the Kirehe District population to subscribe to EjoHeza by this fiscal year,\u201d he said.<\/p>\n\r\n