Company Profile

TIP Friendly Society (TIP)is a non-profit based insuring Society for all persons employed in the field of education.  The Society was established in September 1997 and is registered under the Friendly Societies Act of 1966. TIP is a Member of the International Co-operative Alliance, and we hold membership and sit on the board of the ICA America’s. We are regulated and audited by the Registrar of the Department of Co-operatives & Friendly Societies; and governed by a Committee of Management (Board) which comprises 17 members (14 are parish representatives, 1 is a youth representative and 2 are members at large).

To date, we are the largest Friendly Society in Jamaica. As at December 2022 Audited Financial Report, our asset base is $6.072 billion; our loan portfolio is $3.932 billion; our members’ savings is $3.016 billion and we served a membership of over 26,000.

TIP continues to distinguish itself as being a Friendly Society that makes the difference in the lives of its members, their work places and their communities.  Our achievements and growth over the years are based on the guidance, wisdom, grace, mercy and favour of God.  With small beginnings, time and consistency, TIP lives up to its name by keeping its promises and producing thousands of satisfied members.

Customer satisfaction has always been our first priority and this is reflected in our motto, “Serving you is our pleasure”.  We have been satisfying our membership’s financial needs and this is evident as members continue to recommend their colleagues and friends to subscribe to the Society and share in the many benefits available to our members.

We strategically position our offices in convenient locations and comfortable environments island wide to offer timely and professional service to our members:

• 80 Half Way Tree Road, St. Andrew
• 24C, Lot#3 Caledonia Road, Mandeville, Manchester
• The Annex, Shop 27A, Fairview, Montego Bay, St James
• Shop 8, Ocho Rios Commercial Centre, Ocean Village Shopping Centre, Main Street, Ocho Rios, St. Ann.

We will continue our mandate with God’s guidance in creating peace of mind, assurance and security to our members through our products and services; and continue to be good stewards of our members’ finances by ‘Protecting their income and safeguarding their future’.

The objectives of TIP Friendly are to:

• Provide specific benefits for members by voluntary subscription of the members thereof with or without the aid of donations for the provision of sickness, accident and death benefits to members and their dependents’.
• Promote thrift among its members by soliciting share contributions which shall create thereby a source of credit for its members’.
• Make loans to members at competitive rates of interest’.

 

Who is eligible for Membership?

Article 8, Section 1

The membership of the Society shall be open to all employed persons in the field of education and Student Teachers in registered Teacher Training Institutions in Jamaica, provided that members who have retired from full time employment may continue to hold their membership, subject to the Board of Directors’ approval. All persons admitted as members shall be of good character, good health and are in agreement with the aims and objects of the Society.

Members between the ages 18 and 35 will be designated youth members with all the benefits and obligations as under this Article.

a) Minors and dependents in regular attendance at school up to age 23 may benefit from membership through their parents or guardians.

b) The Society may invite as honorary members, persons who have contributed to the advancement of the Society. Honorary members are not required to pay dues and are privileged to sit at Committee of Management Meetings as ex officio members but shall not have voting rights.

 

Requirements:

• Completed Membership Application Form
• Teacher Number (Ministry-Paid)
• Completed Bursar Salary Deduction Authorisation Letter (Bursar-Paid)