Each member contributes KSh 250 towards the benevolent fund and a minimum of KSh 150 towards personal savings. As such, one share is valued at KSh 150. Members may increase their personal savings contributions at any time through an online request via the member portal or by submitting a Share Increment Form, available from the secretary.
Loan Applications: The committee shall approve all loans on first comes first served basis. Loans shall be guaranteed by at least TWO (2) Guarantors who shall be active Members of the welfare Group however, members may take loans with self-guarantorship of upto 90% of their active savings. The duration of loan repayment proposed by a member shall be subject to approval of the committee.
Loan Interest rates: A member shall be entailed to a loan four times his/her Savings. The loan shall accrue a monthly interest at the rate of 5% on a reducing balance. Members are advised to pay their loans in fewer months to pay low interests.
Loan Repayment: Loan shall be paid for a maximum period of 12 Months subject to review by the committee. No deductions towards loan Repayment, Interest and monthly contribution shall exceed a two thirds (2/3) of one’s basic salary. There will be no topping up of a loan, one will be allowed to take another loan after fully settling any outstanding loan and interest.
Loss of a Member or Dependant: The Welfare Group shall contribute an amount based on the relationship with the deceased, as outlined in the table below. Members are required to declare their dependants during registration, and any updates must be communicated to the Secretariat with valid justification.
| Relationship | Awarded Amount (KSh) |
|---|---|
| Principal Member | 40,000 |
| Spouse | 40,000 |
| Child (6 months -23 yrs) | 40,000 |
| Parents | 20,000 |
| Parents In Law | 20,000 |
Procedure of Reporting Death: In the event of death of a member or dependent, a formal notification of death must be done to the secretariate within 24hrs. A duly filled claim form and a copy of ID/Birth Certificate of the deceased shall be submitted through the welfare system. The committee shall settle the claim within 72hrs after verification of documents presented.
Proof of Death: After the burial of a member/dependent, a copy of burial permit/death certificate shall be submitted to the committee for records.
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