In July, last year, the pensions fund introduced ‘Wote Scheme,’ in recognition of the need to provide social security to entrepreneurs in the informal sector, which is a crucial catalyst in boosting the economy.
Ahead of the International Women’s Day tomorrow (Tuesday), PPF Pensions Fund Public Relations manager Lulu Mengele stated that the total assets of the fund amounted to 2.23trl/- as of December 2015, even as it continued to expand its coverage.
“Wote scheme is administered as a defined contribution plan for the informal sector and as supplementary to the formal sector.
If offers better opportunities to the informal sector and acts as a catalyst to their economic activities as well as social protection,” she said.
“The informal sector is a significant contributor in boosting the economy... that is why PPF Pensions Fund established the scheme to enable players in the group to benefit from social security,” she added.
She said the scheme was meant for, among others, small and medium size entrepreneurs, food vendors, small-scale miners, farmers, artistes, among others.
It also involves employees in the mandatory scheme, who join as part of a supplementary arrangement.
Ms Mengele pointed to the fact that since women make a big part of entrepreneurs in the informal sector they could be significant beneficiaries of the ‘Wote Scheme.’
“The scheme enables members, some of whom are women, to access health benefits, loans to develop their businesses and further education as well as benefits for old age,” she stated.
Minimum contribution has been pegged at 20,000/- per month, which can be deposited directly to the PPF accounts or through mobile phone money services such as M-pesa, Tigo Pesa and Airtel Money. Members can, however, contribute more depending on their incomes.
She urged women entrepreneurs to register under the scheme to be able to access numerous benefits provided through the ‘Wote Scheme.’