TSL to mark credit union day

Business, Normal

The National, Thursday October 17th, 2013


THE Teachers’ Savings and Loans Society (TSL) will celebrate International Credit Union day today to acknowledge the work of its employees as well as the achievements of the organisation. 

TSL said that it had been serving PNG teachers and other public officers for almost 40 years.

Employees would be recognised for their contribution to TSL as part of the credit union industry. 

TSL is a part of the International Credit Union novement that began in the 18th century to provide short term financial assistance, to alleviate extreme financial stress. 

TSL is a registered member of the Federation of Savings and Loan Societies Ltd in PNG and was established in 1972. 

The establishment of the society provided an avenue for registered teachers and employees of Education Department to be actively involved in savings and to assist each other in times of financial need. 

In early years, the society had about 3,000 members with an annual cash turnover of K2 million.

Funds are obtained from members’ fortnightly contributions where deductions are made directly through payroll deductions when a member signs an authority to deduct form.