Gusii Mwalimu Sacco dividends calculator-rates: How To Calculate Gusii Mwalimu Sacco Dividends 2021-2022
How To Calculate Gusii Mwalimu Sacco Dividends As payday Fast Approaches
Just like any other Savings and Credit Cooperative Society, Gusii Mwalimu SACCO usually rewards its Esteemed Members through dividends in March every year.
Every member thus gets to enjoy the benefits of being part and parcel of the Gusii Mwalimu SACCO.
However, the majority of the members do not seem to have a clear understanding of how the amount deposited to their accounts in form of dividends is arrived at.
This has necessitated our Newspro media team to go an extra mile, dig deeper to unearth the formula used by the sacco.
Gusii Mwalimu Sacco dividends’ calculation formula 2021
Gusii Mwalimu Sacco in 2021 enacted a policy which saw shareholders’ dividends calculated on a monthly basis.
To calculate the dividends of members the Sacco gives more weight to January meaning that contributions made in the month of January accrues more dividends compared to subsequent months like December for instance.
How Gusii Mwalimu Sacco Calculates Dividends for Members
It is important to note that dividends are paid at two levels of percentages; 13% of capital shares that is usually 20,000 for each member and 12% of the amount of shares.
Suppose the rebates on deposits of a member as at December 2019 is Kes. 100,000, capital shares at ksh 20,000 and he/she contributes Kes. 5,000 monthly, the total dividends will be calculated as follows:
HOW TO CALCULATE FOR DIVIDENDS AMOUNT IN KSHS
12% of 100,000(Shares as at December 2018) 12,000
13% of 20,000(Capital shares) 2,600
12% of 5,000(January Contribution) 600
12% of 5,000 x 11/12(February contribution) 550
12% of 5,000 x 10/12(January contribution) 500
12% of 5,000 x 9/12(March contribution) 450
12% of 5,000 x 8/12(April contribution) 400
12% of 5,000 x 7/12(May contribution) 350
12% of 5,000 x 6/12(June contribution) 300
12% of 5,000 x 5/12(July contribution) 300
12% of 5,000 x 4/12(August contribution) 250
12% of 5,000 x 3/12(September contribution) 200
12% of 5,000 x 2/12(October contribution) 150
12% of 5,000 x 1/12(November contribution) 100
TOTAL 18,750
5% of 18, 750 ( Withdrawal Tax) 937.5
AMOUNT RECEIVED AS DIVIDENDS (18,750-937.5) 17,812.50
Gusii Mwalimu Sacco list of mandatory deductions made from dividends earned by members 2021
Note that dividends is subject to the following deductions:
Excise duty
Processing fee
Amount expected in your account (net) is the Actual amount (as Calculated above) minus any advance amount taken.
According to one of Gusii Mwalimu Sacco delegates who sought anonymity, the method above was reached in a bid to encourage members to start saving as early as January.
Consequently, members who make huge deposits towards the end of the year with the aim of reaping where they did not sow won’t reap big as per their expectations.
How to easily access your dividends at Gusii Mwalimu Sacco
In a statement, the sacco management encouraged members to use M-banking, Sacco-link and ATM channels to access cash. This will help in minimizing crowding in banking hall as much as possible.
“In compliance with M.O.H guidelines on covid-19 management, you are encouraged to use M-banking, Sacco-link and ATM channels to access cash. Avoid crowding banking hall as much as possible,” read part of the statement.
Gusii Mwalimu Sacco branches
