This policy is designed to assist members of BEAT Co-operative Credit Union in the informal sector but wish to have social protection by way of a decent and adequate standard of living throughout life, especially during retirement. The policy is meant to assist members in the informal sector (non-government workers) tocontribute monthly towards a decent retirement. Upon request by the member, BEAT Co-operative Credit Union will facilitate the application of the member unto the scheme, receipt of the member’s monthly contributions and submit same to the Social Security and National Insurance Trust (SSNIT).
The custodian and regulator of the fund (scheme) is the Social Security and National Insurance Trust (SSNIT). BEAT Co-operative Credit Union would only act as a liaison or collector of the monthly contributions from the member and transfer same to the regulator (SSNIT) for the necessary and further processes. The Credit Union comes in to save the member, the burden of the challenges of going through the necessary formalities to be enrolled onto such a scheme. This means the Credit Union would take the responsibilities of all the registration and administrative challenges on behalf of the member.
Administrative and other related costs associated with the policy shall be determined as and when it is necessary.
ELIGIBILITY