April 2015
Financial wellness for Grain SA members and farmworkers
One of the key focus areas of Grain SA is labour. We understand that members of Grain SA strive to adhere to good labour practices. We also endorse the need in the industry to improve the employment conditions and benefits of farmworkers.
Recent research undertaken by Momentum identified the following farmworker key needs: funeral benefits, education benefits for children, hospital cash benefits, life and disability cover and savings.
An exciting new partnership!
Through an exciting new partnership, Grain SA and Momentum offer an innovative financial wellness solution exclusively to members and their farmworkers. This solution allows employers to provide for the key needs of farmworkers across various salary groups.
- The key principles in the design of the solutions ensure that they are transparent, affordable and easy to understand, access and use.
- Ease of administration ensures that farmworkers and members receive maximum benefit at highly competitive pricing.
The many benefits of Momentum’s enterprise financial wellness approach will provide Grain SA members the assurance that their employees’ key needs and peace-of-mind are met. Take a look at the benefits on offer from as little as R29 per month.
Grain SA members and farmworkers benefit options
Employers may select from 8 options to provide a bundled package of benefits to employees across wage groups. Monthly premiums range from R29.00 to R578.00 and provide total insurance cover from R80 000 to R680 000. These benefits differ according to options selected and include:
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Funeral Cover Paid upon the death of an employee and his/her partner and covers up to 2 spouses and 4 children. If death occurs due to an accident, funeral benefits are doubled. Paid-up death benefits mean the employees ceases to pay premiums at retirement or on death and his/her family enjoy funeral benefits for life. |
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Education Benefit Paid upon the death of an employee, his/her children will receive a lump sum education benefit per child payable to the children’s guardian (covers up to 4 children). |
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Hospital Cash Benefit If an employee is hospitalised for more than 2 days, an amount is paid for each day to a maximum of 180 days per calendar year. |
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Life Cover If an employee dies, his/her beneficiaries receive a lump sum amount. |
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Disability Cover Your employee receives a lump-sum payment if he/she is unable to continue with his/her job or most of the duties that the job involves. |
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Unit Trust Savings Amounts will be invested into a unit trust savings account as a form of retirement savings from which your employees will benefit. |
You will find full details on the 8 benefit options along with quote request forms on the Grain SA website:
Alternatively, contact Momentum’s dedicated Call Centre – 0860 333 334
Momentum, a division of MMI Group Limited, an authorised financial services and credit provider.
Publication: April 2015
Section: Special feedback
