HowMwalimu Sacco Pays 2022 Dividends, Rebates; Check out its products and services below

Mwalimu Nationa Sacco full list of products and Services

Mwalimu national sacco as the name implicates is a savings and Credit Co-operative Society duly registered and accredited to offer financial services to a designated target group in this case Kenya Teachers currently employed on permanent and pensionable terms by the Teachers Service Commission TSC Kenya.

NATIONAL DELEGATES’ MEETING

The Mwalimu National Sacco National Delegates Meeting will be held on in February 2022.

In this regard;

2022 Dividends looming at the rates that will be determined during ADM.

Things to note:

1.Terms used

Rebates

Benefits accrued from one’s monthly deposits or savings.

Dividends

Benefits accrued from share capital.

Sacco business period

Starts_ 1st Jan of every year

Ends _ 31st Dec of the same year

How to arrive at the total amount expected in one’s account.

For purposes of calculations, see the illustration below;

1.Total deposit as at 31st Dec ,2021 = ksh 100,000

2. Monthly deposit= ksh 5000

3.Capital share = ksh 20,000

4.Rates

Rebates=12%

Dividends =13%

Mathematics

a) 12% × 100,000 ( deposits as at 31st Dec ,2021= 12000

b) 13% × 20000(share capital) = 2600

C) Monthly deposit

Jan

12% × 5000 × 12/12= 600

Feb

12% × 5000 ×11/12= 550

March

12% × 5000× 10/12= 500

April

12% × 5000 ×9/12= 450

May

12% × 5000 ×8/12= 400

June

12% ×5000×7/12=350

July

12% × 5000× 6/12= 300

Aug

12% ×5000 ×5/12 = 250

Sept

12% × 5000 × 4/12 = 200

Oct

12% × 5000 ×3/12 =150

Nov

12% × 5000× 2/12 = 100

Dec

12% × 5000× 1/12 = 50

Total = 12000 + 3900+ 2600= 18500

Amount expected in the account

18500× 5% (withholding tax)= 17575

This 17575 is still subjected to

1.exercise duty

2.Processing fee

The formula above was arrived at in a bid to encourage members to start saving as early as January.

Members who make deposits close to the end of the year wont reap big as per their expectations.

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