Pensioners’ Housing Scheme: GIPF won’t give cash

• By Kaipaherue Kandjii

The GIPF chief executive officer Martin Inkumbi says a new envisaged pension-backed housing scheme will not include any pay-outs of large amounts of money for its members to buy or construct houses.
However, he says, the scheme will use a model that either pays invoices for constructing a new house anywhere in Namibia or transfers the funds to a lawyer to purchase a home.

In an interview with Confidente during an information-sharing session on the sidelines of the Opuwo Trade Fair, Inkumbi emphasized that the GIPF’s pension will strictly be used to acquire houses for its members and not for investments in vehicles or any other asset.

”How the scheme will work is [that] we will have a middle party that will do the administration work, but it will work like any lending scheme. So, a member will apply, ideally through their employer, and we will calculate and determine the total benefit [which is] one-third of that [member pension], and there is an approval that, yes, we have approved you.\

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