How Mwalimu 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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