FAQ

About Teachers' Co-op

Is Teachers’ Co-op the same as the Singapore Teachers’ Union (STU)?

No. Teachers’ Co-op is an independent non-profit organization catering mainly to financial needs.

It is not a labour movement.

How is Teachers’ Co-op different from other financial institution?

Financial institutions are profit driven. They are owned by shareholders and are normally run by directors who are paid a monthly salary.

Teachers’ Co-op is membership based. It is managed by a Committee of Management whose memebers are elected during its Annual General Meeting. The Committee of Management members hold honorary positions in the Society.

Membership

Who can be a member of Teacher’s Co-op?

Teachers’ Co-op is open to all teaching staff/instructors and related officers in the Education Service and Institutes within the purview of the Ministry of Education, or serving in any other organization or institution approved by the Committee of Management.

Associate membership shall be accorded to members who has resigned from his service and continues his membership with the Society. It shall also be open to employees or a member of an organization or institution related to education, at the discretion of the Committee of Management of the Society.

Family membership shall be open to the spouse and legal child/children of an Ordinary Member.

How can one join the Society to be a member?

Just fill up the membership application form. This membership form has to be submitted with:

Latest payslip
Photograph
Original nominee form for acceptance and approval during the monthly Committee of Management meeting

How much does it cost to join the Teachers' Co-op?

Only a one-time admission fee of $10.

For ordinary member, compulsory acquisition of 2000 shares at $1 each. This is payable by monthly deduction with a minimum sum of $20 or higher in multiples of $10 subject to a maximum of $500.

The Share Capital earns yearly dividend depending on the Society's financial performance.

The amount in the share capital account will be paid to members when they resign from the Society provided they have no outstanding dues.

Deductions

How will my money be deducted?

For members under MOE's payroll, their deductions will be made directly from their salary.

For members who are not on MOE's payroll, their deductions will be made through GIRO.

Types of Membership

What are the various categories of members set by Teachers' Co-op?

a) Ordinary members

b) Associate members

c) Family members

Is there a difference in the benefits gained for the different categories of membership?

	Ordinary Members	Associate Members	Family Members
Savings	No difference	No difference	No difference
Loans	Maximum $60,000 or 10 times gross salary, whichever is lower	Maximum $6,000 or 2 times gross salary, whichever is lower	Maximum $6,000 or 2 times gross salary, whichever is lower
Share Capital	$2,000	Nil	Nil
Common Good Fund	Contribution of $1/month	Nil	Nil
Voting Rights	Yes	No	No

Savings

What are the 3 types of savings account available?

General Savings is an ordinary savings account which required fixed monthly contribution. Members can withdraw their savings as and when they need the money. Interest is based on daily computation.

Bonus Savings also requires fixed monthly contribution to the account. However, members are advised not to withdraw the savings in this account until the full period of 2 years, otherwise no interest will be earned.

Term Deposit is a one-time deposit for a fixed period of 1 year.

Loans

Do members need guarantors to apply for a loan?

i) Medium Term Loan – two sureties are required. These sureties must be members of the Society and each must be eligible to cover the full quantum of the loan.

ii) Short Term Loan – one surety is required. He/She must be a member of the Society and must be eligible to cover the full quantum of the loan.

i) Members pay a one-off administration fee in lieu surety/sureties.

What documents are necessary when apply for a loan?

Members need to only submit the completed loan application form with the latest payslip. Loan application can also be done online.

For first time borrowers, members need to produce supporting documents for consideration.

Can a member take up more than one loan with the Society?

A member who already has an existing loan may apply for an overlapping loan, provided he/she has made six monthly instalments of his/her existing loan.