A cooperative society is a business ideology where people who have related or similar interest come together. A workers’ cooperative society is a kind of association of workers who come together to ease one another’s financial difficulties. This they do by regularly contributing some money (preferably, monthly) to a pool. This pool of funds enable the members of the society to take some business undertakings.
There is quite a number of advantages or importance of belonging to a society if you are a worker.
1) Financial needs of members.
In most cooperative societies, there is the capital contribution in addition to savings regularly made. This leads to pool of fund. Thus, members can easily get loans when they are in need.
2) It helps to form strong savings.
Most times, the contributions/savings of members of a cooperative society are usually deducted at source in the salary units of their organisations. This helps them to form strong savings habit.
3) Ability to buy expensive things of life.
A member who ordinarily cannot buy certain things of life may be able to do so through his cooperative arrangement. The cooperative society can arrange with the producers of these items such as deep freezer, plasma TV, Air conditioners, etc., to get them for their members while the cooperative society takes the responsibility of getting the members to pay for the items through their regular (preferable monthly) savings.
There is quite a number of advantages or importance of belonging to a society if you are a worker.
1) Financial needs of members.
In most cooperative societies, there is the capital contribution in addition to savings regularly made. This leads to pool of fund. Thus, members can easily get loans when they are in need.
2) It helps to form strong savings.
Most times, the contributions/savings of members of a cooperative society are usually deducted at source in the salary units of their organisations. This helps them to form strong savings habit.
3) Ability to buy expensive things of life.
A member who ordinarily cannot buy certain things of life may be able to do so through his cooperative arrangement. The cooperative society can arrange with the producers of these items such as deep freezer, plasma TV, Air conditioners, etc., to get them for their members while the cooperative society takes the responsibility of getting the members to pay for the items through their regular (preferable monthly) savings.
Comments
Post a Comment