medical aid

BVTA introduces Insurance scheme for informal sector.

The Bulawayo Vendors and Traders Association (BVTA) through its investment arm, The Bulawayo Business Hub has partnered with Champions Insurance to introduce an insurance scheme for informal sector workers on 9 May 2023. BVTA Information officer, Kwanele Moyo said that the insurance scheme aims to provide support for members who may face risks in their personal and business lives. Moyo stated, “The insurance scheme is designed to safeguard members (informal traders) against potential risk factors, such as fire outbreaks.” The New SchemeThe new scheme includes three packages – bronze, silver, and gold – and offers benefits such as a medical aid, and fire policy. The bronze package is priced at $5, while the silver and gold packages are going for $10 and $15, respectively. “The insurance scheme caters for all informal sector workers, it does not need documentation or paperwork,” said Moyo. She added, “The process is very easy and quick as members only need to choose their packages they can afford.” Men MSMEsCommitted to Providing LicensingMoyo also indicated that BVTA is committed to providing licensing plans for its members to mitigate the risks associated with running a business. The introduction of the insurance scheme is a timely initiative that will provide members with access to crucial services and support in their time of need and when they retire. Additionally, she further urged other organizations to consider providing such essential facilities for their members. Such services are critical in times of disaster and can help individuals and businesses cope with unexpected financial losses. Met with EnthusiasmMoreover, the introduction of the BVTA insurance scheme is a welcome move and has been met with enthusiasm by members. It is a testament to the organization’s commitment to empowering its members and supporting them in all aspects of their business ventures. With this scheme in place, BVTA members can rest assured that they are protected against unforeseen risks and uncertainties. SMEs Protection PlansThis came after BVTA executive director, Michael Ndiweni urged Zimbabwe’s insurance providers to provide small- and medium-sized business (SMEs) protection plans. According to Ndiweni, the majority of their members are vulnerable when they retire and must be protected. Lastly, in January this year an inferno razed down the Mpopoma Outspan Association-operated informal traders complex affectionately known as ‘Esimprapekini’ along Nketa Drive in Mpopoma, destroying property worth thousands of dollars belonging to over 300 informal traders.

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Informal traders request access to social security facilities

Bulawayo Vendors and Traders Trust Association (BVTA) has urged the Government to craft a national budget that would establish subsidised insurance, medical aid and pension schemes for players in the informal sector. The schemes would be targeted at cushioning traders in the informal sector from social and economic vulnerabilities as the sector has unique characteristics that need to be attended to. Speaking during the 2023 national budget consultation meeting organised by the Parliamentary Portfolio Committee on Finance and Economic Development in Bulawayo on Wednesday, BVTA executive director, Mr Michael Ndiweni said most of their members are vulnerable when they retire and there is a need to be cushioned. He said informal traders are willing to make monthly contributions of between $3 and $5. “We are requesting various social security schemes for people in the informal economy. If they do not sell various wares and fall ill, they won’t be able to access money to seek treatment. “Those who are formally employed contribute to various medical aid schemes, but those in the informal sector don’t have medical aid. We are asking the Government to ensure that the 2023 national budget, provides social security. “That should also happen with pensions. Players in the informal sector don’t have pensions, so we appeal to the Government to also budget around access to social security facilities for people in the informal economy,” said Mr Ndiweni. Mr Ndiweni said the informal sector has a majority of the country’s workforce and there is a need for a unique social security scheme and the proposal has huge backing from traders. Early this year, the National Social Security Authority (Nssa) prepared similar recommendations to the Government for a social security scheme for the informal sector. The proposed scheme is in line with Vision 2030 and the National Development Strategy 1 and is part of Nssa’s contribution to a prosperous upper-middle-income economy by 2030. National Social Security Authority Nssa says access to social security is a basic human right enshrined in the Universal Declaration of Human Rights, UN Protocols, the International Labour Organisation accords and Zimbabwe’s Constitution.

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