The Health Services Workers Union (HSWU) yesterday launched its fund to improve members’ welfare through a scheme that will collect monthly financial commitments for subsequent investments.
The Head of Research and Policy at HSWU, Richard Beccles, said the fund was also envisioned to mobilise sufficient financial resources to provide supplementary income for members on retirement from active service or when they were incapacitated and could no longer work.
He indicated that the establishment of the fund saw the setting up of several committees, consultancies, research and an account opened with an initial deposit of GH¢500,000.
Mr Beccles said this in a presentation of the HSWU Fund at the 13th Anniversary week celebration and launch of the fund in Accra.
He noted that the minimum contribution towards this scheme was fixed at GH₵ 50 and that members who wished to pay beyond that amount were encouraged to do so for optimal benefits.
“Interested members shall complete an online or manual form. Details would instantly be sent to the Fund Administrators who will pursue the other processes of sending details to the Controller and Accountant General’s Department and or management for deductions,” Mr Beccles stated.
“A member staying in the scheme for 10 years or more would receive all contributions made and in addition get all returns earned on their contributions upon their exit. Members’ contributions are safer following the robust well established regulations and laws,” he added.
Mr Beccles said the Union would set aside some funds purposely to give out loans to members who might be in need of funds, to meet their short term financial obligations.
“These loans shall be given at some concessionary rates to give members some quick financial respite,” he added.
The Head of Research and Policy at HSWU said the Fund would be managed by members nominated Trustees, professional Fund Managers, Custodian Banks and Administrators.
“This Fund will encourage members to invest over a long period of time, which is essential to wealth creation,” he stated.
Speaking on accessing loans, Mr Beccles stated that the fund would commence dispensing short-term loans to members at far lower concessionary interest rates than what was offered in the financial market.
“The Fund shall set up a correspondence offices where members can visit for assistance when the need be,” he stated.
“Transparency shall be one of the fundamental values that the HSWU Fund shall uphold,” he added.
BY ABIGAIL ARTHUR