MMK’s Mutual Benefit Fund’s Turnover Exceeds RUB 1bn in 2018

UrBC, Magnitogorsk, January 14, 2019. MMK Group’s mutual benefit fund’s turnover came to more than one billion rubles in 2018; the money only comes from the borrowing parties’ fees, which means any loan is interest-free.

According to MMK’s Information & PR Department, the mutual benefit fund has over 21,000 members at the moment, that is, almost every one in two trade union members. More than 17,000 members applied for a loan in 2018. Eligible to apply are the borrowers who have been the members of the mutual benefit fund for at least three months. The loan amount also depends on the amount of fees paid.

The number of active loan applicants is growing by the year. Around 80% of the mutual benefit fund members do apply for loans every year; the rest either pay out their earlier loans or save up for a larger loan amount in the future.

MMK Group’s Chair of Trade Union Boris Semenov says the mutual benefit fund has remained one of the most popular options available to trade union members throughout the years. In fact, an electronic waiting line was introduced for the applicants to make things easier. You can now make an appointment with the trade union representatives online.

The mutual benefit fund is one of the key social welfare mechanisms for the company’s trade union members. The upper loan limit comes to RUB 180,000.


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