The umbrella body for teachers, the Botswana Teachers Union (BTU), has managed to strike a deal with one of the biggest banks in the country, a move they suppose will assist in preventing loss of members.
This was revealed by Rodger Solomon, the BTU Treasurer.
Solomon said in the past the union did not have such benefits for its members but, instead, it had micro lending schemes, which were straining the members given that the interest rates were very high.
“This scenario made us to lose members to BOSETU; however, we are convinced that the new package will be attractive to our members.”
Solomon said he is not in a position to divulge the name of the Bank as logistics are currently being mapped.
In the past, there has been a clash between the two unions, with the BTU accusing BOSETU of trying to lure their members with benefits linked to BankABC.
“Our old arrangement posed serious challenges and limitations to our members hence some members were lured with BOSETU benefits linked to Banc ABC,” he said.
Solomon said the package will be such that members will now be in a position to get personal loans of up to P150 000 at 18 percent interest rate. In addition, members will be able to get vehicle loans at 11.5 percent interest rate for brand new cars and second hand vehicles at 12.5 percent interest.
The new deal is expected to come into effect beginning of February.
“This new deal is not intended to lead our members into debt, instead we want this new package to alleviate the BTU members from financial challenges,” he said.
He added that BTU has since improved its funeral cover.
“Members have been contributing P30 for P10 000 funeral cover but now it will be P30 for P15 000.”
As regards invigilation dues for teachers, Solomon said they would continue making a follow up on the long overdue invigilation dues.
“Botswana Examinations Council promised to pay teachers their dues last week Friday (20 January 2012) to date they haven’t paid anyone and we are equally surprised,” he said.