Retirement is a prestige. According to Tanzania’s Employment and Labor Relations Act of 2004 stipulates 55 years as appropriate age to willingly retire, with 60 years being age limit of an employment legally.
However, every minute of our working days is a race, retirement shouldn’t be the finish line. As an employee, you should foresee and prepare for the future considering uncertainty of what tomorrow might bring.
After retirement, life becomes much more of an ordeal than is expected; most retirees have their backs against the wall, try “biting off more than they can chew.” Income streams are increasingly becoming limited and economic, social and psychological problems pile up. And this substantially hap-pens when they are not forewarned.
Employment has always a domino effect on the life of every person during working and after retirement. It really affects a retiree’s whole day routine as he needs to reschedule when to go to bed, wake up or rest.
Despite there are few organisations that have been giving retirement pensions to some retired workers on time, but with dramatic rise of cost of living such pensions don’t satisfy or meet the needs and in the long run, they are becoming dependents.
At this moment, you will discover is not only hope is fading away but immediately, you will start falling out of your friends or close relatives’ favour.
In that context, the only thing you need as retiree is to see the light at the end of the tunnel and yet rare organisations can regain your dashed hopes. More recently, nothing has been impossible for CRDB Bank.
The bank has taken up their stances on the matter, with country’s largest lender CRDB Bank Plc having recently launched a special program that focuses on financing retirees and improving their wellbeing. Dubbed “Ndoto Zako Hazistaafu”, the program covers opportunities of savings, investments and financing of retirees. Besides the launch of program, the bank, has co-launched “Pension Account” and “Pension Advance” for digital financing of retirees, accessible via SimBanking App.
Expatiating on newly launched retirees account, Chief Commercial Officer at the bank, Dr. Joseph Witts, says the account has facilitated retirees to receive their pensions safely and conveniently; enabled savings from their income generating activities. Looking at on ground realities, retirees are given an offer to open such account with no strings attached mean no charges apply.
They are also freely connected to SimBanking and Internet Banking. “I am so proud to inform you that over 19,000 customers have already opened this account and tasted indelible experience of our services as I am speaking now,” said Dr. Witts while adding that retirees are given Tembo Card to access CRDB Wakala service and all of their ATMs countrywide. In Pension Advance, retirees can be financed from 50,000 to 1 Million Tsh wherever they are via SimBanking App and Pension Advance loan is disbursed without any interest.
Nonetheless, CRDB Bank has launched another special account codenamed “Akaunti ya Thamani” which enable retirees earn monthly income. This account gives retirees opportunity to invest for a period of three years for an interest up to 8 percent.
Through that product, the bank has planned to continue disburse loans to retirees in a bid to enable them develop their businesses and projects so as to placate the hard-ship of the life. Retirees can absolutely apply from 1 to 100 Million Tsh for 1 to 7 years.
Overview of special products of retirees
This is a brilliant account for retirees which doesn’t have monthly fee charge. The age limit of whoever wishes to open this account is 50 years. You don’t need to have any opening balance or deposit to own this account. Profit margin of 0.5 percent guaranteed in this account is another “icing on the cake” apart from ATM Card which is given freely when you open this account.
This one has a profit margin of 5 percent, monthly profit income, possibility to access loan up to 90 percent of your deposit, and save your money for up to 36 months without any charges.
You can access this loan via SimBanking. Turnaround time is very short since the application of loan was made; disbursed amount starts from 1 Million, no interest, no documents, no collateral and you can apply for the cash loan up to 50 percent per month.
In here you can actually apply for a loan amounting to 100 Million Tsh, will not be overdue for less than 84 months, interest rate has been drastically reduced from 17 to 15 percent in this loan. You can levitate, and increase the loan amount if you have met the preconditions with the age limit in this type of loan being from 70 t0 75 years.
The Chairman of Retired Permanent Secretaries, Michael Mwanda thanked CRDB Bank for considering retirees through its unmatched portfolio of products and services offered. Mwanda arguably called for other retirees to leverage on that golden opportunity which come once to transform their lives while asking the bank to conduct regular awareness raising seminars on the retirees’ products and services across the country.
On the other hand, Chairman of Retired Police Union, former Com-missioner of Police, Suleiman Kova heaped praises on CRDB Bank for devising such profound programs anchored on financing retirees and articulated that it will be an integral part of desirable development and by the twist of fate, will change many people’s prejudice from seeing retirement a nightmarish spell ever.
“And now we retirees, have our very own bank that we are proud of which does more than listening us by recognizing our contributions towards the nation. Thanks very much CRDB,” said Kova as he was asking Chief Commercial Officer, Dr. Witts to assist him opening Pension Account so that he potentially experience the best out of newly launched products and services aimed at empowering retirees.