By Asa Maina
Unison Sacco has introduced the Golden Plan, a retirement saving plan that will see members save a minimum of Shs 200 monthly, withdrawable upon retirement.
The Sacco’s chairman James Muhandi revealed that upon retirement, the depositor will determine whether to receive the money as a lump sum amount or in monthly installments.
“The plan interest rate payment shall be at the same percentage as other non with-drawable deposits and the interest earned will be ploughed back into the saving plan while contribution will be through check off or standing orders,” he explained.
He added that if well-implemented, members will be very wealthy upon retirement.
Speaking during the Sacco’s Annual Delegates Meeting held at Wiyumiririe Primary school in Laikipia, Muhandi reiterated the board’s commitment to oversee the implementation of the financial institution’s 2022- 2026 strategic plan.
“We are focused on adopting the next phase of our business model through market outreach, with ICT and marketing as business enablers. Emphasis on efficiency and capital adequacy is the key to sustainable growth in this highly regulated deposit taking Sacco industry under the Sacco regulations.” He said.
Supervisory committee Chairman Charles Wachira Kiruri said that by December 2021, the Sacco had opened three new branches in Nakuru, Isiolo and Maralal after the Maralal marketing point was upgraded to a branch.
Kiruri pointed out that competition from other financial institutions, low business to its micro credit business customers and the adverse effects of Covid-19 had somehow affected the Sacco’s business.
Laikipia Director of Cooperatives Rosemary Ngugi lauded the plan to introduce the Golden Plan scheme saying it will help members, who are mostly teachers, to maintain their lifestyles even after they retire.
‘I would like to urge teachers to take advantage of the plan so that upon retirement, they will have income to enable them finance themselves.’She said.