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Introducing New Pension Scheme From Nyonkopa

By Daily Guide
General News Introducing New Pension Scheme From Nyonkopa
FEB 15, 2018 LISTEN

Nyonkopa Cocoa Buying Limited, a licensed cocoa buying company, has introduced new products including insurance, pension and other incentive to benefit its farmers.

It initially introduced 'Nyonkodo Farmer Life Plan in November 2017.

But many people questioned its genuineness until the company proved the skeptics wrong by presenting GH¢1,000 to the family of the late Opanin John Sah at Ayomso, near Goaso, a cocoa farmer, as benefit.

Managing Director, Joshy Varkey, Azziz Rayamah, representative of Vanguard Group and Mohammed Issakahu of Takaful Ghana, as well as other officials of Nyonkopa, attended the event to make the presentation.

Vanguard Life is the partner and fund manager of Nyonkodo Farmer Life Plan.

Head of Operations of the Nyonkopa Cocoa Buying Limited, Pious Vincent Abakah, said the company was committed to forming a partnership with cocoa farmers to ensure a win-win situation in the cocoa industry.

He gave assurance that the company would strictly adhere to the provisions outlined in all the packages once the farmers fulfill their part of the deal by selling their produce to Nyonkopa, explaining that this is the third time that such benefit has been paid since the scheme was launched in November 2017.

A daughter of the deceased cocoa farmer, Ms Kate Sah, expressed the family's gratitude to the company, saying that “we are overwhelmed by your attendance and payment of GH¢1,000 to the family.”

Nyonkodo farmer life plan
Under the life insurance scheme, farmers who sell their produce to the company do not need to pay any premium.

In addition to the life insurance cover, the company also plans to pay pension to farmers who continuously sell 10 bags of cocoa every year for a period of five years after they attained the age of 60.

Farmers who join the scheme from age 55 and above will also qualify for pension benefit if they consistently supply the minimum of 10 bags for at least five years.

However, in case of death, GH¢1,000.00 is paid to an elected beneficiary while GH¢500.00 is paid to the farmer in case his or her spouse dies.

Child Education Support
Apart from the life insurance and pension, the Nyonkodo Farmer Life Plan also encompasses a Child Education Support Scheme to assist qualified farmers to educate their wards.

The financial support, according to the plan, shall not be less than GH¢250.00 per annum.


From I.F. Joe Awuah Jnr.,
Kumasi

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