domestic workers’ retirement plan unveiled
27 September 2007
 

A new financial retirement plan unveiled by the Presidential Working Group on Women (PWGW) and supported by Old Mutual, is set to change the lives of the country’s domestic workers.

One million domestic workers, most of whom are women, will receive the retirement financial solutions which will be largely managed by fellow women.  Chairperson Gloria Serobe told reporters that the PWGW would be investing in a way that will benefit women.

“We want to influence the economy. By harnessing collective influence of current retirement savings of women to create a greater role for them,” explained Ms Serobe.  She said statistics compiled by the Widows Forum of South Africa, a member of the PWGW, showed that 60 percent of women over 55 years were left destitute after the death of their husbands.  The report also indicated that 87 percent of widowed or divorced women over the age of 60 depend on their children for welfare.  “We need to provide greater access to savings and cover for vulnerable groups such as women in rural areas, farm workers, single parents and domestic workers.

The Domestic Workers Plan offers a number of benefits apart from membership of a retirement fund administered by Old Mutual, it also offers family Funeral Cover (with a Funeral Support benefit) and access to family support services.

The family support services include health advice, trauma, assault and HIV support, emergency medical response facilities and legal support.

Products will be offered in four options costing R85, R100, R150 and R200 per month and offering different products.

Old Mutual Retail Mass Market Solutions Executive Andrew Cartwright said the product brought a comprehensive package geared to the specific needs of domestic workers.

 “This package offers domestic workers exceptional value at a very affordable entry level,” he said, further calling on employers to register their domestic workers.

David Masango, for full report www.buanews.co.za