Benevolent Fund FAQ

WHAT IS A BENEVOLENT FUND?

A Benevolent Fund is a fund where all members of SBEU pay a monthly premium of Thirty Ringgit only (RM30-00) which will be invested by SBEU in Fixed Deposits and Fixed Assets on their behalf.

DO I GET MY MONEY BACK?

Yes! Unlike your monthly membership subscription, you get back every single ringgit you pay. On top of that you will also get dividends.

HOW IS THE DIVIDEND CALCULATED?

The dividend will be based on the prevailing Bank interests rates and on the investment income of the Fund. The dividends will be decided by the delegates i.e. your elected representatives.

IS THE FUND SAFE?

The Fund is an approved and registered fund under the Trade Union Act 1959. The accounts are subject to stringent inspection every 6 months by Trade Union Department Inspectors as well as by the Unions external qualified auditors.

WHAT ARE THE BENEFITS TO ME?

1. A Mode of savings for extra fund upon retirement

2. Enjoy attractive dividends which is made possible because the Fund will have a consolidated amount of at least $25,000 every month.

3. Welfare Benefits for needy members;

4. Scholarships for members children;

5. Death Benefits for deceased members' family;

WHAT ARE THE BENEFITS TO THE UNION?

1. Additional source of investment funds which will enable SBEU to further increase the fixed assets and hence the strength of the union.

2. Enhance discipline and solidarity amongst members, as the Union retains the right to withhold benefits to members proven to acted against the interest of the union

WHEN CAN I WITHDRAW MY MONEY?

You can withdraw on the following circumstances

1. When you retire from the Bank/Finance Companies;

2. When you are promoted to any officer category that is outside the scope of SBEU coverage;

3. When you resign from the bank to take up employment in another industry or to become self employed;

4. Your estate can withdraw upon your demise whilst you are a member ;

HOW DO I CLAIM MY BENEFITS?

You can just complete the appropriate claim forms which are available from the Union.

DO I KNOW HOW MUCH I HAVE IN THE FUND?

SBEU will produce a yearly statement for all members showing full details of total premium paid and dividends declared.

WHEN DO I HAVE TO START PAYING?

For existing members the starting date is 1st May 1995 so you must pay by pay-day of May 1995. For new members, they will join the fund when their application for membership is approved the SBEU

HOW DO I PAY?

Its very simple. Your employer will deduct the RM 20.00 from your salary together with your union subscription and remit direct to the Union. All you have to do is to sign the authority form.

WHAT ELSE DO I HAVE TO DO?

Complete the beneficiary nomination form and return to us. In the absense of such nomination, the benefits will be paid to the estate of the deceased member.

CAN I CHOOSE NOT TO BE A MEMBER OF THE FUND?

NO. As provided in the approved and registered rules, all SBEU members shall be a member of the Fund. Those who decline to join the fund will have to resign membership from SBEU.