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The Namibian Home PageWed 1 Apr 2015, 10:00Last update: 1 Apr 2015
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News    Opinions    Sport    Business    Entertainment    Oshiwambo    Archive    Top Revs    Letters   

The Namibian
Wed 1 Apr 2015
 PRESIDENT Hage Geingob, please give us a response on the issue of tax-free bonuses. Why does a bonus have to be taxed if it is only given once a year?
 COMRADE President, congratulations! I humbly request your office to send a team to evaluate the salaries for administrative officers up to the position of control administrative officers.
 MAYOR of Helao Nafidi Town Council, please do something to improve the living standard of the council workers. Currently the cleaners get only N$600 per month. We are tired of this situation.
 ONANDJOKWE Lutheran Hospital pharmacy, please speed up your service. We are dying while waiting for our medication because you are so slow.
 POLICE officers are not underpaid, they just over-commit themselves with lots of insurance policies and cash loans. Police are paid even more than bank clerks, believe me.
POLL
Is Hage Geingob's cabinet the right size to deal with Namibia's biggest issues?

1. Yes, his appointments are solid

2. No, too many cooks spoil the broth

3. Maybe, but he'll have to manage them well

4. Hell no! The problems are too big to fix in 1 term


Results so far:
 Older Polls

VACANCIES
  • No vacant positions

FRONT PAGE | 2011-10-07
Banks Commit 'Daylight Robbery'
ALLOW me to give information on how the private lending institutions are ripping off our hard earned money. A typical real loan of N$9000 (nine thousand dollars) taken at a commercial bank reveals the following:
Cash amount received: N$9000.00
Stamp duties     11.00
Namfisa    90.00
Credit life insurance    1628.64
Bank admin fees    180.00
Administration fees 540.00
Finance charges 15.05%    2849.20
Total     14 298.84
The above total loan of N$9000.00 amounted to N$14298.84 and was repaid from February 2011 till January 2014, in 36 months (i.e. 3 years) for N$397.19 each month. As if the charges are not enough, the bank adds 2% of the instalment plus VAT of N$9.14 (this amount is paid to the administrator of the government payroll deduction system).
The new total deduction will be N$406.33 per month for 3 years.
In terms of the contract, you the borrower, will be punished for paying off the loan early. Is this really legal?
How can I be punished when I am willing to pay sooner? I thought that it makes common sense since I will not be owing until 2014. But no, to the banks it does not make economic sense.
This is daylight robbery, hence the change to the old Usury Act still been used in Namibia is needed.

F X Shikongo
By e-mail

         



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