The Teachers and Educational Workers Union (TEWU) has established a Fund that would enable it to be economically self sufficient and assist members with credit facilities.
Known as the TEWU Fund, it would become operational in July next month.
Mr Daniel Ayim Antwi, General Secretary of the Union told the Ghana News Agency on Tuesday that, the Fund was strictly for TEWU's 40,000 members' welfare with the aim of making them economically self-sustainable prior to retirement.
Mr Antwi said the Fund, the first of its kind among Trades Unions in the country, would enable members to take loans at minimal interest rates.
He asked members who have in their possession the TEWU Fund Membership Forms to return them by mid June for processing and early take off.
Mr Antwi said individual total contribution would be reimbursed with interest on retirement.
He said qualified loan applicants must have contributed to the Fund for
a minimum of eight months.
The total deduction commitment, including a loan, would not exceed 50 per cent of once net salary.
The Fund would also enable members to procure goods on high purchase directly from manufactures instead of middlemen.