Benefits
Share Holder
As a Co-operative member, you become a share holder of the society. You will be issued with 50 shares at $1 each and dividends will be declared based on the financial year's business performance.
Dividend
Dividends are declared on the subscription and share capital at the end of the financial year (31st December). During the last few years, the dividend was at 5%.
Interest
Compared with the current bank rates, the SSEU Co-operative offers very competitive interest on the savings deposit account. The interest is credited into the savings account on a monthly basis.
Hassle Free Loans
Easy hassle free loans are available at 8 times the basic salary and repayable over a maximum of five years.
Patronage Rebates
Patronage rebates are given on interests paid on loans taken by the members. The rebate will be declared at the end of the financial year. This is a discount on the interest paid on your loans.
Common Good Fund
The Common Good Fund is an annual allocation of the surplus from the business specially allotted to assist members in times of need. The benefits given under the Common Good Fund are:
Membership Benefit
Upon cessation of membership due to termination of employment (other than dismissal, resignation and mass retrenchment) a member will be eligible for a membership benefit grant. This benefit is paid for a continuous membership of 5 years & above.
Prolonged Sickness and Hospitalisation Claims
The Co-operative offers financial assistance to members who are continuously ill and hospitalised. Grants will be made upon production of medical documents and approval from the Committee of Management. All claims must be forwarded within two months of the illness and/or hospitalisation.
Funeral Grant
A funeral assistance is given to member or his nominee or legal personal representative in the event of death.
Dependent refers to the legal parents, spouse and children of the member. All claims must be supported by the relevant documents.
Fire Victim Grant
A member whose house/accomodation has been damaged/affected by fire shall be eligble to receive a grant.
First Marriage Grant
A member shall be eligble to receive a grant on formalisation of his/her first marriage.
More information on the above benefits are available upon request.
