TEPNG periodically compiles the names of staff due for status car.
There are 2 Options:
- Cash OPTION: Payment is made directly to the beneficiary without involving the Cooperative.
- CO-OP OPTION: TEPNG transfers the benchmark + 5% Coop charge to the Cooperative account and notifies the Co-op.
The Cooperative assists in procuring the car for the beneficiary which will either be higher or lower than the benchmark depending on the choice.
If higher, the cooperator pays the diff which will be treated as loan or deducted from the beneficiary’s co-op savings.
If lower, the price difference is either credited to the cooperator’s savings or cash will be paid
After purchase, insurance will be handled by the company’s insurance department.
Here’s an Example: