Financial literacy for all teachers-What you never knew about the union Dues
GHS32.84 dues, GHS2 cancer fund and GHS50 or above mutual fund. [total = GHS84.84+ ]
CCT – GHS20 dues and GHS20 mutual fund. [ GHS40 ]
NAGRAT – GHS33.86 dues and GHS50 or above mutual funds. [ GHS83.86+ ]
ATAG – GHS15 dues and GHS25 and above mutual fund [ GHS40+]
INNOVATIVE TRS – GHS5 dues only. [no other contributions]
Calculate your Yearly Contributions and Choose Your Association Wisely. Remember, having full control of your own salary and having your own investments is your best way to financial stability!
Once a teacher is paid for the first time, GNAT or CCT or NAGRAT others is added straightaway.
So you only need to change to the association which charges the least amount so that you can have your full salary and control your own finances. You can plan and do monthly deposit with banks and that will give you higher returns than this so called unions.
The truth is that these unions are financial institutions in disguise which makes money out of teachers for their personal gain. They do not care about the teachers. They only write letters and communique but to no avail. As time goes on, you’ll see for yourself. All they care about is your money and you taking loans from them so that they can gain high interest rates.
GNAT and the other trade unions have been existence for so many years, the question is, what meaningful impact have they had to improve the lives of the teachers? One thing a teacher should know is that, government will only increase salaries when it deems it fit for the economy. No Union, I repeat, no union has ever bargained and won a salary negotiation with the government. If they claim they did so, that means the government had already planned on doing that.
These unions says they are looking for the well being of the teacher yet they solely depend on the meagre salary of the teachers to run the association. They even run a mutual fund scheme and claim they give you high returns when you retire if you increase your contributions, ask yourself, why haven’t they ever published the interest on these so called ‘mutual funds’?
What even breaks the camels back is when you try to exit and ask for refund of your own hard earned money you put into their ‘mutual funds’, you’ll have to commute their offices several times before you get your own money. Would that be the same if you had saved it in the bank?
So what Innovative Teachers Union is seeking to do is simple. TAKE CHARGE OF YOUR OWN FINANCES. Make investments and create business. Your full salary is enough to cater for basic necessities if managed well.
Take your destiny into your own hands and focus on what you can do with the little you have. That is how rich people make money. They do not wait or chase the government for increment of salaries or the unions to do something for you.
Since Innovative was registered as a trade union in 2012 and started the GHS5.00 deductions in 2014. It has never increased its dues and has no plans on doing so. It’s sole purpose is to give teachers their financial freedom and remove these unions which feed on our meagre salaries to vanish from our payslip!
Innovative Teachers has a vision to use the GHS5.00 dues for the benefit of the teacher by establishing companies and warehouses to sell goods at a competitive price for its members. It has no plan to set up offices and later try to run these institutions by increasing the dues. NO! Innovative Teachers want to maintain the ghc5.00 dues to relieve teachers off the huge amount they pay ro unions whereas nothing is shown for it!
These unions deduct so much on your meagre salary that staying wit them only end you in loans and killer loan, plus stress. Also do ever sign up to these insurance companies, they’ll deduct your money and before you know it, you’re losing a lot than if you invested it. Take control of your own money and do long term investments with Databank and buy Treasury Bill with your current bank.
Kwaku Addo, a concerned teacher