The government issues guidelines for auto loans, mortgage loans for public officials
Sarah Serem, President of wages and compensation Board All officials will this month have access to cheap car loans and mortgages FILE PHOTO NATION MEDIA GROUP.
She said that the implementation of the advantages motivate public officials and contribute greatly to attracting and retaining skills in the public service.
Those classes P, Q, R will get Sh3 million car loan and Sh15 million mortgage loans, while those in classes K, L, M, N will get a car loan Sh1 5 million and up to Sh10 million mortgage.
The main beneficiaries are the Cabinet Secretaries, the Attorney General, Chief of the Defense Forces, the governors and the Auditor General who shall be entitled to a maximum car loan Sh10m and to Sh40 million for the mortgage.
All officials will this month have access to cheap car loans and mortgages.
According to a circular by wages and Remuneration Commission, auto loans ranging from Sh600,000 to Sh10 million while the mortgage system will be between Sh4 million to Sh40 million depending on the quality of an individual.
The circular, signed by President SRC Sarah Serem and dated December 17, 2014, is addressed to the principal secretaries, county governments and heads of various public institutions.
The interest applicable to both plans and car mortgage is three percent per annum on reducing balance the duration of the plan will be a maximum of 20 years for mortgages and five years for the car loan .
The main beneficiaries are the Cabinet Secretaries, the Attorney General, Chief of the Defense Forces, the governors and the Auditor General who shall be entitled to a maximum car loan Sh10m and to Sh40 million for the mortgage.
Principal Secretaries, Chairman and members of independent commissions and budget controller will rise to Sh8m as car loan and mortgage Sh35m like.
The Director General of the National Intelligence Service, the general inspector of police, deputy chief of the defense forces, commanders Kenya Army, Kenya Navy and Kenya Air Force and the Director of Public Prosecutions will rise Sh6 million under car loan form and Sh30 million mortgage.
The registrar of political parties, secretaries independent constitutional commissions, deputy governors, directors-general of government agencies, deputy IG, Director of Criminal Investigation Department would rise to Sh5 million as car loan form and Sh25 million in mortgages .
Officials in grades A S, T, U will Sh4 million as car loan form and Sh20 million in mortgages.
Those classes P, Q, R will get Sh3 million car loan and Sh15 million mortgage loans, while those in classes K, L, M, N will get a car loan Sh1 5 million and up to Sh10 million mortgage.
Officials in grades G, H, J and equivalent grades in the public service will rise to Sh800,000 as car loan and Sh6 million for the mortgage, while those in classes A, B, C, D , E, F and equivalent grades in public service earn up to Sh600,000 as car loans and mortgages Sh4 million.
Ms Serem said the benefits will facilitate public officials and other officials to benefit from loans from the government.
She said that the implementation of the advantages motivate public officials and contribute greatly to attracting and retaining skills in the public service.
The scope of the car and the mortgage scheme includes government officials and other public officials who are not currently take advantage of these benefits and are employed on a permanent basis and pensionable, she says.
The system of state agents in the service of executive and independent constitutional commissions will be administered and managed by the National Treasury.
Because of the effectiveness of management, the benefits of the system for other public officials are administered and managed by government institutions and agencies, Ms Serem said.
She advised independent government agencies to develop regulations to guide the implementation of the scheme and stated that the National Treasury will provide the funds to operationalize the system.
County government is also expected to set aside funds through the budget process for the same.
Funding can also be organized by agreements between financial institutions and the government agency or an individual member in a framework acceptable to both parties, Ms Serem said.
Each government agency or body will administer and manage internal systems and even be subject to an annual audit.
While a public official or public officer terminates employment for any reason other than disciplinary reasons, the loan terms remain in force and change the gift t for the life of the loan, except in case of default in which case he returns on commercial terms, Mrs Serem said.
Officials get car home loan Daily Nation, civil, civil servants, loans, the nation.