The Mineworkers Union (MUN) has introduced an education and SME Fund, as well as legal protection, for its current and former members and their dependents.
Union President Ismael Kasuto says the aim is to ensure that the education, employment, and legal needs of miners and their families are covered.
Through the Namibia Miners Investment Trust, NAMIT, the Mine Workers Union, will finance the new benefits.
NAMIT owns shares in about 20 companies.
The MUN president says the benefits will not result in an increase in membership fees because these programmes will rely on dividends paid through NAMIT.
At the official launch in Swakopmund, Ismael Kasuto announced that the Education Fund is an initiative aimed at assisting workers and their families to pursue their tertiary studies.
Kasuto added that the SME Fund is meant to support the economic activities of members and their dependents.
"The NAMIT SME Fund will provide finance to macro, small, and medium-sized enterprises with purchase orders or supply contracts to supply goods or provide services to reputable suppliers or buyers. These funds can also be used to pay for materials, transport, and labour. It will further provide funds to macro, small, and medium enterprises that are waiting for their invoices to be paid by reputable debtors just to keep them afloat while they are waiting out."
The third product gives the beneficiaries access to legal services through an agreement with Legal Wise.
The Executive Officer of Legal Wise, David Klark, says," Legal Wise has a network of attorneys that cover the whole of Namibia. The quality of work delivered by these attorneys is very well monitored, so we make sure that the correct thing is done at the correct time to be able to take your matter forward.
Kasuto says the MUN is the first union in Namibia, if not the entire SADC, to take out full legal cover for its members with no additional costs to our members. This is further testimony to the forward thinking and progressive benefits of the MUN, and I believe this is the tip of the iceberg, and we can look forward to more benefits and opportunities."
So far, about N$1 million has been reserved to accommodate applications for loans under the SME and Education Funds.