NAMiT launches project

The project will ensure that all beneficiaries are registered and their social status is known while tracing former and current beneficiaries.

30 July 2020 | Business

It was a long process to pay off debts in order for beneficiaries to start benefiting. Allen Kalumbu, president: MUN

The Mineworkers Union of Namibia (MUN) launched a project to register the beneficiaries of members of the Namibia Mineworkers Investment Trust (NAMiT).

Launching the project, MUN president Allen Kalumbu said the project will ensure that all beneficiaries are registered and their social status is known while tracing both NAMiT’s former and current beneficiaries in order to accelerate the delivery of benefits to the beneficiaries.

“The purpose of this registration process is firstly to identify the beneficiaries in order for the trust to define benefits that best suit beneficiaries according to the database collected,” he said.

Kalumbu said the growth of the trust’s investments brought its total net assets to N$ 547.8 million in 2019 and they have come to realise that the trust should start benefiting its beneficiaries.

“It was a long process to pay off debts in order for beneficiaries to start benefiting,” he said.

In addition, Kalumbu said NAMiT has defined beneficiaries as ‘ex-beneficiaries’ if they have died or are retired and ‘current’ if they are still working members of the mine workers union, plus their descendants.

He said the children of members are beneficiaries whether they are current, former or deceased.

Kalumbu, therefore, called on all beneficiaries in the 14 regions of Namibia to come forth and register with the trust if they know their parents were or are members of NAMiT, or worked in the mining or energy sector.

NAMiT was established in 1997 by MUN as a wealth-creating entity to enhance the living standard of its members. It is the sole shareholder of Nam-mic Holdings. - Nampa

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