Teachers overwhelmed by personal debt are being given the opportunity to improve their financial position in a scheme being offered by the Education Ministry.
The Office of the Welfare Promotion Commission for Teachers and Educational Personnel (OTEP), which is under the supervision of the Education Ministry, has signed a memorandum of understanding (MoU) with the Teachers Saving And Credit Cooperative to help teachers get out of debt.
According to the OTEP, up to 15,000 of the country’s 1.4 million teachers are in desperate need of financial assistance. Under the MoU, a loan programme will be initiated in Phetchaburi province, a model for the scheme.
Indebted teachers can request loans from the cooperative to pay back their current debts at an interest rate of 3.5 per cent per annum.
The loan will be issued on the condition that borrowers do not add more debt in future or until they have cleared their present debt with the creditor, in this case the cooperative. In addition, their loan requests must be approved and signed by their supervisors.
(Source:The Nation, Thailand)