Employee New Generation Savings Scheme (ENGS)

The Employee New Generation Savings Scheme is our new savings plan. It is easy, convenient and makes savings automatic. It was introduced in October 2008.

What is ENGS?

It is a new Savings scheme geared towards cultivating a good savings culture in the industry. To simply put it, it is all about Plan, Build and Protect. The Savings scheme that can help your employees:

• Plan for their future needs
• Build their wealth
• Protect themselves and their loved ones.

How is the ENGS funded?

Employee contributions are tiered, ranging from GMD25 – GMD500 monthly, depending on an individual’s choice of amount and salary level. The Company (employer) will deduct amount from individual’s monthly salary, and deposit monthly contribution into GTBank account. Alternatively, GTBank can set-up an automatic transfer monthly from individual employee checking accounts into the Company ENGS account. For savers not currently banking with GTBank, company will offer automatic payroll deductions of their contribution amount.

Who is eligible to participate in the plan?

Employees of any company automatically qualify to be a part of the savings plan and automatic when new employees are recruited, with no penalties.

What is the return on invested funds?

The funds will be invested for an initial period of 5-years whilst the balances build-up. All balances from day one will earn an interest rate of 90 days Treasury bill less 1% p.a. Interest will be calculated daily and applied monthly.

When do the employees benefit from their contributions?

At the end of the initial 5-year investment period, individuals who have retired from the services, resigned or have had their employment terminated are entitled to have access to their savings amount with interest earned calculated on a pro-rata basis. The balance will then be rolled over for another 5-year period.

There are no account service fees for employer or its employees. It’s simply part of GTBank’s bigger objective of making it easy for Gambians to save. For its effects at managing the funds and carrying out proper book-keeping and documentation, the bank would charge a management fee of 1% on interest accrued per quarter.

GTBank will send individual statement of savings balances plus interest to each employee on a quarterly / annual basis.