To enhance the livelihoods of workers at Golden Veroleum-Liberia (GVL), the Agriculture Agro-processing Industrial Workers Union of Liberia (AAIWUL) has entered into an agreement with SAAR Insurance Company to provide loans for the company’s employees.
AAIWUL serves as the bargaining representative for GVL workers.
AAIWUL President Abraham Nemene stated that the loan agreement aims to provide financial access, especially for union members, to address their welfare and social challenges. He emphasized, “The wages currently paid to workers—around $140, are insufficient for them to build homes or make substantial improvements in their lives. This initiative from AAIWUL and SAAR Insurance Company will change their welfare situation”, he stated.
Nemene also mentioned, “We have worked with the workers to reduce the frequency of strikes and violence, and now we are focusing on improving livelihoods.”
The loans will be repaid over a one-year period with a flexible monthly payment structure of 33%. He expressed hope that many workers would use these loans to build their homes, with the loan program set to commence in June 2025, enabling them to access finance.
He clarified that the 33% payment includes loan repayment, insurance, and dues. Mr. Nemene praised the resilience of GVL workers, particularly the president of the GVL Workers Union, for their support throughout this process. He noted that the workers are eager for change in their lives and are seeking opportunities like this.
The first phase of the loan program is planned to run for three years, with the possibility of renewal. SAAR Insurance Company will also provide insurance coverage for GVL workers.
