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

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

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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Related content;

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