KAGEM EMBARKS ON LONG-TERM STAFF PENSION PLAN
LUSAKA, ZAMBIA, September 19, 2015 – Staff at the world’s largest emerald mine – Kagem Mine in Lufwanyama – can now work safe in the knowledge that their long-term futures are secure, thanks to a pension scheme introduced by the company.
Kagem, which is 75 per cent owned by London-listed Gemfields plc and 25 per cent by the Zambian government, signed a memorandum of understanding for the staff pension scheme with Saturnia Regna, under the management of African Life Assurance, at a ceremony attended by Labour and Social Security Minister, Hon. Fackson Shamenda; Mines, Energy and Water Development Minister, Hon. Christopher Yaluma; and Education Minister Hon. Michael Kaingu yesterday.
The mine has enlisted its employees to the Saturnia Regna pension scheme in addition to the current NAPSA plan as part of it long-term staff development strategy. Both Kagem and the employees will contribute to the scheme, which will serve as a private pension investment plan for the employees.
“Kagem has a development strategy covering more than 25 years and our staff are an integral part of that plan. This pension plan will help to create an added sense of security for our employees, who can now work safe in the knowledge that their future needs will be met” said Kagem Director Dr Sixtus Mulenga.
Mr Shamenda commended Kagem on the step as it would help motivate employees, who are on permanent and pensionable terms, and help foster skill retention at the mine. Kagem currently employs more than 600 employees all of whom are permanent and pensionable.
“We have been privy to the many initiatives taken up by Kagem Mining Ltd that are evidence of the company’s long-term commitment to the mining industry in Zambia. It is encouraging to see that in the midst of all the uncertainties that have gripped the sector at the moment, Kagem remains focused on its objectives and are positively contributing to the employment sector and the economy in general,” said Mr Shamenda.
Speaking at the same event, Mr Yaluma congratulated the mine and its employees on achieving more than 3.5 million injury-free shifts, and emphasised the need to remain alert about safety in the workplace at all times.
“What makes Kagem succeed in the way they have cultured their workforce in the mine. Their workforce is attuned to the safety standards. This is something that is entrenched and retained,” he said.
Kagem is the first in Zambia’s mining history to have crossed the 3.5 million mark of injury-free shifts as a result of its stringent but effective safety measures at the Kagem mine in Lufwanyama district.