Play our video to know more
There are four main loan facilities that members of the Fund can access to meet their financial needs.
In October 2019, Madam Margaret Lardi Akparibo one of the pioneers of the Teachers’ Fund went on retirement.
Having contributed to the Fund since its inception, Madam Akparibo went home with a huge sum of money totaling Ninety-Three Thousand, Eight-Hundred and Twenty-Five Ghana Cedis, Thirty-Seven Pesewas (GH¢93,825.37)
In the first of our series “TIME WITH OUR RETIREES”, Sena Atoklo recently visited Madam Margaret Akparibo in her home at Bolgatanga in the Upper East Region to interact with her about her days with the Fund.
As a member of the Teachers’ Fund, one is expected to make a monthly contribution to the Fund which is then invested on behalf of the member. There are two category of member contributions- the Basic contribution and the Optional contributions.
For members who opt for the Basic contribution, they contribute the minimum monthly contribution which is currently pegged at Fifty Ghana Cedis (GH¢50) and for Optional contributions, the member contributes more than the minimum monthly amount.
There is a correlation between the amount a member contributes and how much returns he/she earns on his total contribution upon retirement. Thus the higher the members’ contribution, the bigger the amount he/she takes home when he/she retires.
Each member is entitled to an exit package of a lump sum from the Fund on retirement. This lump sum package is made up of one’s total contributions and the Interest that the amount has generated over the years. Exit package for deceased members are paid to their Next of Kin.
Members are eligible for the group solidarity package in the event of death and permanent disability. Upon the death of a member, a package comprising his total contributions together with his accumulated return and an amount of GHC 500.00 is paid to the next of kin. Also, where a member is certified to be permanently incapacitated and unable to teach any longer, he/she is compensated with GHC 500.00. Additionally, the person is paid his total contributions and accumulated returns.
Upon the death of a member, an exit package is calculated and paid to the deceased member’s nominated Next of Kin (Beneficiaries) according to the percentage allocation as determined by the member whilst he/she was alive. This package consists of the total amount contributed plus the Interest accrued by the contributions. This is paid as a lump sum to Next of Kin of the deceased member.
We are very proud of you all !
Their loan facilities help me complete my first building project.
The fund gave me a loan which I used to further my education. Thank You
The fund gave me support in starting a building hoping to finish next year with another support.