This is a benevolent fund that covers the principal member, spouse, children and biological parents.
Each member contributes Ksh. 150 per month to the Welfare Fund.
The benefits of the fund to the beneficiaries are as below:
Principal Member - Ksh. 100,000
Spouse - Ksh. 75,000
Child - Ksh. 50,000 (for two children in a year)
Biological Parents - Ksh. 30,000
Members are required to fill the Benevolent Fund Nominee Form, attach supporting documents and submit to Hazina Sacco. An administrative fee of Ksh.20, 000 is charged on account claim of Ksh.100, 000 per year.
- i) A member becomes eligible to this benefit after 6 months contribution
- ii) Each member to be considered independently in cases where a member and the spouse are members.
- iii) Children are considered from the date of notification of birth to 25 years of age.
- iv) Death certificate(s) should follow within one month after death notification, failure to which, the payment will be deducted from the member’s deposits or salary.
- v) 50% of amount contributed to the welfare fund will be refunded to a member who has never claimed welfare benefit. Refund will be made at the time of withdrawal from the Sacco.
- vi) If a member is found to have defrauded the Sacco on any welfare claim, the amount paid will be deducted from the member’s deposits or any other payment due. The member will in addition be required to pay a penalty of ksh.20, 000.