Product And Services
Objective
- To promote co-operation and self-help.
- To encourage savings.
- To provide the best benefits and assistance possible.
Who can join EsteeMedia Co-operative?
Membership of the Co-operative is open to all full-time permanent employees of SPH Media Trust Group and its subsidiary companies, who is a Singapore Citizen or Permanent Resident of Singapore.
What are the payments due from a member?
Entrance Fee of $10 (one-time payment)
Savings Schemes
Subscription
Every member can save minimum $10.00, and the maximum shall not exceed 25% of basic salary or $750/- whichever is lower per month.
The rate of subscription shall not be changed more than twice in any one financial year. All increases in the rates of subscription shall be notified to the Co-operative during the first half of the year not later than 20th of each month (application without payslip will NOT be processed) and no further increase in monthly subscription would be allowed during the second half of the year up to 31st December.
All monthly payments due to the Co-operative by members shall be recoverable by deduction from the monthly salary through their respective employers who shall forward all sums deducted to the Co-operative or via monthly GIRO deduction through each individual member’s bank account.
Notice in writing or online submission shall be given of the withdrawal leaving minimum $10/- to continue as a membership. Amount will be credited to the members bank account within one week.
Every member will earn dividend as at 31st December balance once a year and will be paid after declared during the AGM.
Specific Deposit
In addition to the monthly subscription, the Co-operative periodically transfer members’ subscription between 0% to 20% to the Specific Deposit Accounts as at 31st December of each year.The rate of interest to be fixed by the Committee from time to time and shall not exceed 10% per annum without the approval of the Registrar. Such interest shall be credited to the deposit account of members.
Notice in writing or online submission shall be given of the withdrawal of deposit together with interest. Amount will be credited to the members bank account within one week.
Every member will earn interest as at 31st December balance and shall be credited to the account of members.
What are the services & benefits provided for members?
Loan Schemes
A member who has completed 1 year membership shall be eligible for Loan.
100% Secured Loan
A Member can take a loan for an amount less than or equal to his Subscription Balance. No guarantor is required. No new loan shall be granted to a member within an interval of six months from the date of his last loan.
Surety Loan/ Unsecured Loans
A Member can take a Loan limited to 2 times his total savings, and two or more sureties, who shall also be members and each of whom shall cover the whole loan less the borrower’s paid-up subscription.
Loan may also be arrange or accept provided that the premium or any other cost shall be borne by the borrowing member.
No new loan shall be granted to a member within an interval of twelve months from the date of his last loan.
Monthly repayment shall not exceed one quarter of his monthly salary including the saving amount.
The interest rate for all types of loan is chargeable at 6% per annum.
Cessation of Membership
Any member, who is not indebted to the Co-operative as borrower or surety, may resign from the Co-operative on giving notice of resignation in writing.
Benefits Scheme
The Common Good Fund set up by the Co-operative provides:-
Study Awards
A member who has completed 5 years continuous membership, shall be eligible for Study Awards to members’ children in Primary 5 & 6 and Secondary 1 to 4.
Applicants must satisfy the criteria before they are considered for the awards.
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Next Level going to
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Criteria
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Primary 5
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>=80% ($80)
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(base on Pri 4 result)
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Primary 6
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>=80% ($80)
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(base on Pri 5 result)
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Secondary 1
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=<AL12 ($100)
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(base on Pri 6 result)
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Secondary Express 2
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>=70% ($100)
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(base on Sec 1 result)
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Secondary Express 3
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>=65% ($150)
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(base on Sec 2 result)
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Secondary Express 4
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>=65% ($150)
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(base on Sec 3 result)
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Secondary Normal 2
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>=60% ($100)
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(base on Sec 1 result)
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Secondary Normal 3
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>=60% ($100)
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(base on Sec 2 result)
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Secondary Normal 4
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>=60% ($100)
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(base on Sec 3 result)
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Secondary Normal 5
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ENG/MATH + 3 SUBJECTS <19 pts ($100)
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(base on Sec 4 result)
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Bereavement
Members are eligible for funeral grant for their next-of-kin (Parents, Spouse or children).
The Funeral Grant shall be made not later than three months from the date of death.
An official Death Certificate or Burial Permit and any other relevant documentary evidence shall be submitted to the Committee for inspection as proof of death in each case and a photo copy of each of the aforesaid documents shall be attached to the claim. Relationship shall be proved by official certificates or statutory declaration.
Loyalty Bonus for termination of membership
For termination of membership, we pay Loyalty Bonus of up to $500 based on length of membership:-
Length of Membership Amount
6 to 10 years $100
11 to 15 years $200
16 to 20 years $300
21 to 25 years $400
>26 years $500
For more information, please contact EsteeMedia Co-operative office at 63195619.