Illovo sugar Malawi responds to 44 percent Kwacha devaluation-Increases workers’ salaries

By Wilfred Golden

Illovo sugar Malawi has announced that it has made a cost of living adjustment in response to the recent 44 percent Malawi Kwacha devaluation.

In a letter signed by Khumbo Mtambo-Banda who is the human resource director at the company, salaries will be increased by 15% and there will be also an increase of 15% in food allowance, town allowance, live out allowance, education allowance as well as car allowance.

“Additionally in this time of challenging, management has decided to provide a once off gross amount of K150,000 as assistance for fertilizers and farm inputs payable through the November pay.

Illovo HR Director Khumbo Ntambo Banda

“While we recognize that these measures may not resolve all the challenges associated with devaluation, our intent is to contribute towards easing the impact of price fluctuations,” reads part of the statement.

The statement further emphasize on the importance of evaluating the spending patterns and making judicious decisions inorder to navigate the volatility effectively.

Illovo Sugar (Malawi) Ltd is Malawi’s only Sugar producer with agricultural and milling assets at the Nchalo Sugar Estate located 80kms south of Blantyre in the southeast of the country and at the Dwangwa Sugar Estate located 306kms north of Lilongwe on the Northern Lake shore in the mid-central region.

The company has a network of distributor depots that sell sugar at factory price through-out the country.

Illovo Sugar Malawi pays for the transportation of sugar from the estates to all the depots and, in this regard, ensures a national or depot-delivered price of sugar across the country.