The Guyana Agricultural and General Workers Union Co-operative Credit Union Society Limited has reported that a surplus of $22,254,706 was realized in the 2017 fiscal year.
In a press statement following its 25th Annual General Meeting on Sunday the union lamented the impact that the “haphazard minimization” of the sugar industry has had on its membership which has declined. The statement does not state how many members have withdrawn over the last few years nor does it state the financial impact these withdrawals have had on the Credit Union but it argues that “workers are facing the most difficult period of their lives with hardship and misery becoming more and more entrenched.”
Notably the union has reported that the Co-operatives Division of the Ministry of Social Protection has agreed to reduce its demand for Audit and Supervision Fees of 1% of it working-capital which would’ve seen the Society paying $4,759,661 to 10% or $2,225,471 of
According to the union this resulted in them having an additional $2,534,191 for distribution to members who will receive a 3% dividend on ordinary savings balances at the end of 2017. This dividend will see members sharing $11.654, 641. They will also receive an 18% interest rebate for transactions conducted during 2017.
Additionally in keeping with the Co-operatives Act the union has allocated 20% of its surplus which is equivalent to $4,450,941 to its Statutory Reserve Fund for 2017 and 5% of its surplus to its Education Fund which saw the sum of $1,112,735 being allocated.
A further sum of $78,330 was allocated to the Society’s Social and Entertainment Fund for the year 2017 and a new Committee of Management and a Supervisory Committee have been elected.
The Committee of Management includes Gaietri Baron, Sattie Basdeo, Seepaul Narine, Julius Nurse, Bhikram Singh, Harvey Tambron, and Aslim Singh. Members of the Committee are expected to elect a Chairman, a Secretary and a Treasurer at their first meeting to be held within the next two weeks.
The Supervisory Committee comprises Kavita Bishun, Nykesia Rodney and Khemraj Pitamber.
GAWU has expressed pride in services provided by the credit union as well as it accountability and transparency which continues to be examined by external personnel appointed by the Co-operative Department of the Ministry of Social Protection.
It noted that the Union continues to play an important role in allowing members to have some form of savings and stressed that the Society’s returns over the years has been in excess of what is earned from the commercial financial institutions with it dividends and interest rebate remaining exempted from taxes which further enhances members’ gains.
