FAQ

What are the benefits of being a member of Workers Fund?

  • Access to loans with no interest.
  • Access to grants for higher education and healthcare support.
  • Access to a larger pool of funds than workplace or district based welfare schemes.
  • Financial assistance for newly trained teachers and nurses.
  • Access to references and documentation.
  • Benefits not affected by the transfer of a member from one workplace or district to another.
  • 70% refund of dues upon withdrawal from membership.

Is Workers Fund a microfinance, insurance or investment company?

  • No. Workers Fund is not a microfinance, insurance or an investment company. It is simply a non-profit organization that provides welfare services to its members. It mobilizes monthly dues from them to support their needs.

Is Workers Fund affiliated to any Association or Labour Union?

  • No. Workers Fund is not affiliated to any Association or Labour Union. It is a private, independent and voluntary organization registered under the Companies Act 1963 (Act 179) of Ghana.

Is Workers Fund recognized by any agency of the Government of Ghana?

  • Yes. Workers Fund is recognized by the Department of Social Welfare (an agency under the Ministry of Gender, Children and Social Protection).

Are members involved in the management of the organization?

  • Yes. Members are involved in the management of the organization. As a rule, the Directors of the organization comprises of 40% elected members. 

What information and documents are required for the payroll deduction of dues of members who are government workers?

  • Staff number
  • Mandate number
  • Affordability
  • Passport picture
  • Proof of identity (Voters, NHIS, Drivers License, Passport or National ID Card)

What is the minimum and maximum loan repayment period?

  • Loan facilities advanced to members are to be paid within a minimum period of 3 months and a maximum of 3 years.

Do I need to provide any security if I wish to access a loan facility?

Yes. You will be required to provide security for any loan facility you wish to access. Loans can be secured by:

  • A guarantor (A guarantor need not be a member);
  • A collateral;
  • A letter of undertaking from your employer
  • Your cessation package. 

Can I access a loan facility before I meet the minimum required period of 6 months?

  • No. You will not be allowed to access any loan facility from the organization before the minimum required period.

Will any interest be paid to members?

  • No. Dues paid to the organization are not savings, premiums or investment payments. Any interest or surplus made by the organization in any financial year will be reinvested in the organization to promote its objectives.

Will I receive any benefit if I withdraw from the organization?

  • Yes. You will be provided with a cessation package if you withdraw from the organization or cease to be a member. The package will be made up of a 70% refund of your dues to the organization.
  • However, a cessation package will only be provided if you have been a member of the organization for at least a period of one (1) year, given at least ninety (90) days’ notice to the organization of you intent to withdraw, settled all your debts and ceased to be a guarantor for any loan.

What is the interest rate on loan facilities advanced to members?

  • 0%. Loan facilities advanced to members are interest free.

Will the organization grant loans to non-members?

  • Yes. The organization may grant loans to non-members. However, interest will be charged on loans advanced to them.

Can I withdraw from the organization at any time?

  • Yes. You can withdraw from the organization at any time.

What information and documents do I need to provide if I wish to apply for a loan facility as a government worker?

Information and documents required for a loan by a government worker include the following:

  • Affordability
  • Staff number
  •  Mandate number
  • Proof of identity e.g. Voters, NHIS, Drivers License, Passport or National ID Card
  • Proof of membership (Membership Card) if you are a member
  • Fully completed loan application form
  • Fully completed loan guarantee contract form
  • Fully completed CAGD Authority Note 

CAGD = Controller and Accountant General’s Department

What documents do I need to provide if I wish to apply for a loan facility as a worker in the private sector?

Documents required for a loan by a worker in the private sector include the following:

  • Payslip
  • Proof of identity e.g. Voters, NHIS, Drivers License, Passport or National ID Card
  • Proof of membership (Membership Card) if you are a member
  • Fully completed loan application form
  • Fully completed loan guarantee contract form
  • Guarantee letter/letter of undertaking from your employer
  • Original documents of collateral (car, treasury bills, cash investments, stock, land, other assets)

 

What documents do I need to provide if I wish to apply for a loan facility under the New Employee Support?

Documents required for a loan under the New Employee Support include the following:

  • Loan application letter
  • Fully completed loan application form
  • Appointment letter
  • Proof  of membership (Membership Card)
  • Proof of identity e.g. Voters, NHIS, Drivers License, Passport or National ID Card
  • Fully completed loan guarantee contract form
  • Guarantee letter/letter of undertaking from your employer
  • Original documents of collateral (car, treasury bills, cash investments, stock, land, other assets)

 

What documents do I need to provide if I wish to apply for a grant facility?

Documents required for a grant facility include the following:

  • Fully completed grant application form
  • Proof of Membership (Membership Card)
  • Admission letter
  • Medical report/Cover letter from a recognized medical facility

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