PCL staff retrenchments affect PTC Sacco profit
Restructuring at dual-listed conglomerate Press Corporation Limited (PCL) which resulted in some employees being retrenched negatively affected People’s Trading Centre (PTC) Sacco, as some members defaulted on loans.
PTC Savings and Credit Cooperative (Sacc) chairperson Dalitso Chalira said this in Blantyre on Saturday at its 24th Annual General Meeting (AGM).
He said PTC Sacco did not perform well in 2017 as its surplus reduced by 69 percent to K9.3 million from last year’s K30 million, largely attributed to the dismissals, retirement of some staff and the failure by some PCL subsidiaries to remit deductions.
But Chalira said the Sacco grew its assets by two percent to K208.2 million from the previous year’s K204 million because new members paid registration fees.
In an interview, PCL operations manager Rosemary Chitera urged PCL staff to join Sacco encouraged to save for the rainy day.
“Sacco is important because it cultivates a culture of saving which a lot of Malawians cannot do on their own. But, also it gives you a lifeline in terms of loans which are more easily accessible than from commercial banks,” she said.
