STAFF SAVINGS SCHEME
Members save in preparation for their retirement and old age.
Terms:
The fund attracts an interest of 4% per annum.
Members in employment access the fund after every five (05) years and at the mandatory retirement age of 60 years.
Members out of employment access their savings on application.
CONDOLENCE FUND FOR MEMBERS
The condolence policy was approved by the members and a condolence fund was put in place with the following core objectives:
- To extend financial assistance to a member of USALAMA SACCO intended to comfort him/ her in times of grief.
- To foster a spirit of unity among the members of the SACCO.
- The condolence fund is a collective contribution by all paid up members of the SACCO. Each member contributes UGX 5000/= per month or as may be determined from time to time by members of the SACCO during the Annual General Meeting (AGM).
Currently, members benefit from the fund as follows:
- In case a member dies or losses a parent, spouse or child, members contribute mabugo as follows:
o Member UGX 2,050,000=.
o Spouse UGX1, 550,000=.
o Child UGX 1,000,000=
o Parent UGX 1,000,000=
Note: The condolence fund is disbursed on application with the following limitations:
- The fund is not a burial assistance.
- The fund cannot be extended in retrospect; therefore, a member should report the demise as soon as possible in any case not later than two (02) weeks after the death.
- If a member dies, the condolence fund is automatically extended to the bereaved family or in case of doubt to the next of kin as recorded in SACCO records. In this case, the fund can be sent before, during or after burial.
- A member who fraudulently receives condolence fund shall have his / her account deducted to recover the funds obtained.