Creating a Community of Financial Responsibility Among Our Workers
In the early 2000’s, our Human Resources team discovered a problem of overtime requests from our workers. Upon further investigation, we found that due to loan sharks within the company, workers were looking for ways to make more money to payback the loan sharks that they had borrowed from.
The mission of the credit union is to provide an additional source of support our workers in case of financial emergencies. Today our employees use the employee-led credit union to borrow money at interest rates better than traditional banks or to deposit money to earn interest on at better rates than traditional banks. Learn more about how our credit union helps our employees:
Apichaya is a member of our Quality Control department team and has been working with Loytee for over 16 years. She borrowed money from the credit union to help a relative with a loan that they could not pay back for land in their hometown. She was able to borrow from the credit union, renegotiate and refinance a better rate with much lower interest from the bank and helped her family member keep their land.
Loytee's employee-led credit union is a resource that is available to all employees and currently has active membership of over 43% of our workers. When our workers want to join the credit union, they apply and have one a colleague who is currently a part of the credit union to help and vouch for them. This process helps to create a community of support and financial accountability among our workers.