Kumasi, May 27, GNA - The Teachers and Educational Workers Union (TEWU) of the Trade Union Congress (TUC) will, from June, start to implement a Mutual Fund and Business Ventures Scheme for its members throughout the country. Mr Dan Ayim Antwi, the General Secretary, said this at a day's workers' forum in Kumasi at the weekend. He said the scheme would receive monthly contributions from members and reimburse total sum with interest on retirement and also invest funds in viable ventures on behalf of members. Mr Antwi said the scheme would also grant loans below commercial banks' interest rate to members. Loans applicants must have contributed to the fund for a minimum of eight months and the total deduction commitments of an applicant including the loan must not exceed 50 per cent of the net salary. Members whose monthly deductions range from five Ghana cedis and above will be entitled to bigger loans than their counterparts in the minimum deduction category.

Members whose salaries are not processed through the Accountant General's Department must have their loan applications guaranteed by their employers or local union officers. "An applicant nearing the retirement age can request for loan provided his monthly deduction commitments would be completed before retirement", he said. Alternatively, the retiring applicant may also give an undertaking, authorizing the fund to deduct the outstanding debt upon retirement from his total retirement benefits and the balanced paid to him. Mr Joseph Kwabena Onyinah, the Ashanti Regional Director of Education, lauded TEWU for initiating the scheme, which he said would adequately motivate them to improve on their performance at their workplaces. 27 May 08