Almot Maqolo, Staff Writer 
SUGAR producer Hippo Valley Estates has reported a staggering 767 percent increase in its pension scheme contributions, reaching ZWL344,91 million for the fiscal year ending March 31, 2024, up from ZWL39,78 million in the previous year.
The company’s pension contributions are predominantly directed towards two major schemes- the Hippo Valley Pension Fund and the National Social Security Authority (NSSA).
In FY 2024, Hippo Valley contributed ZWL58,41 million to its Pension Fund, a significant increase from ZWL25,57 million in FY 2023. Contributions to NSSA remained steady at ZWL19,09 million.
This dramatic rise in pension contributions reflects the impact of inflation-driven adjustments to compensation and benefits packages.
“The company has a defined contribution pension scheme designed to support employees’ welfare post-retirement,” Hippo Valley noted in its annual report.
Despite a slight decline in total employment, with workforce numbers decreasing from 5,745 in FY 2023 to 5,511 in FY 2024, the company’s commitment to employee welfare remains steadfast.
The workforce consists of 4,516 male employees and 995 female employees, indicating a predominantly male workforce, though nearly 18 percent are women.
The reduction in permanent staff, from 4,223 to 4,083, along with a minor decrease in fixed-term contract employees from 1,522 to 1,428, suggests a focus on maintaining a stable long-term workforce while still addressing seasonal labour needs in agricultural and sugar packing operations.
In the period, the company’s revenue rose 75 percent to ZWL7,50 billion, a significant increase from ZWL4,28 billion in the previous year.
This is attributed to the company’s strong market positioning and increased production efficiency.
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