Why should a person who is already an RSSB Pension Scheme member also open an Ejo Heza account?
Today, most people live for around 20 years after they are old (retirement age). So you should save as much as you can while you are working to ensure that you have enough savings to last you for at least 20 years of expenses when you retire. So even if you are already saving in the RSSB pension scheme, putting aside some additional savings into your Ejo Heza account will ensure that you have sufficient savings for a secure and dignified retirement and do not need to depend on others when you are old. Saving with Ejo Heza will also help you to accumulate savings for your other needs like children’s education or housing
How can I open an Ejo Heza account for my children aged less than 16 years?
To open your child’s Ejo Heza account, you will need to personally visit an authorized Ejo Heza service provider with your child, submit your child’s temporary ID issued by NIDA and link your child’s Ejo Heza account to your own national ID number.
Are there any special benefits or incentives from the Government for Ejo Heza members?
A member who is in the first or second category of Ubudehe and has saved at least fifteen thousand (15.000) Rwandan francs has the right to a Government co-contribution equal to one hundred percent (100%) of his or her savings;
- A member who is in the third category of Ubudehe and has saved at least eighteen thousand (18,000) Rwandan francs has right to a Government contribution equal to fifty percent (50%) of his or her savings;
- The Government’s contribution to long term savings scheme mentioned cannot exceed eighteen thousand (18,000) Rwandan francs.
- Ubudehe category 4 members who save RwF72,000 or more in Ejo Heza in a year shall also be eligible for the special insurance benefit during the following year. Therefore, if an Ubudehe category 4 member who had saved Rwf72,000 or more in a year, unfortunately passes away next year, the member’s nominated beneficiary will be paid a one-time compensation of Rwf1,000,000 along with a one-time payment of Rwf250,000 towards the member’s funeral expenses. The annual insurance premium will be paid by the Government on your behalf. Only Rwandan citizens with a permanent National ID (aged 16 years and above) issued by NIDA will be eligible for the life and funeral insurance benefits. N.B. The government co-contribution benefit will be paid into the Ejo Heza accounts of eligible members on an annual basis for the first 36 months following the date of launch of the Scheme.
Note: The life and funeral insurance benefits will also be available to eligible members on an annual basis for a total period of 36 months. The insurance benefits will however become available 12 months after the launch of the Scheme.