THRIFT IS GOOD - PM GOLDING

OCT 18, 2009

THRIFT IS GOOD - PM GOLDING

Prime Minister Bruce Golding highlighted the importance of thrift in his message that was read on his behalf at the Jamaica Civil Service Mutual Thrift Society's (JCSMTS) Awards Ceremony in Kingston on October 17.

"The current global economic crisis with which many countries have to wrestle and for which the negative impact is greater for less developed countries, gives even more credence to the role of the JCSMTS, as thrift, savings, investment and overall financial security and survival take on greater significance," Mr Golding said.

He noted that when civil servants formed their thrift society in 1939, the global economic conditions were posing serious challenges for the emerging nation and the public sector workers found a way to survive financially.

Urging the Society to strive to accomplish more for its members, the Prime Minister said , "Our civil servants represent one of the country's critical professional groups; and their security must be ensured...Since its humble beginnings 70 years ago, the JCSMTS has encountered many challenges and undergone significant changes, to emerge as a successful entity, contributing to the stability and growth of Jamaica and its people."

The JCSMTS currently serves more than 8,000 civil servants who have built a share capital of more than $430 million with a loan portfolio of more than $530 million. Services of the society include debt consolidation, investment instruments, loans and financing, retirement planning and wealth management.

The civil service thrift society is unique among financial institutions as its key goal is to promote financial prudence among civil servants even as they strive to improve their socio- economic standing despite below market value salaries and the ever-rising cost of living.

The awards ceremony recognised six members of staff and four members of the Board of Management who have given between 16 and 41 years of service to the Society.