Update on wage negotiations at the SA PGM Rustenburg and Marikana operations(PresseBox) (Johannesburg, )
At the outset of wage negotiations, all parties agreed to engage in a constructive manner in the interest of reaching an efficient and fair conclusion. To this end, Sibanye-Stillwater has engaged in good faith in order to avoid protracted positional bargaining in the best interests of employees.
The company has presented an inflation linked, five-year offer comprising fixed average annual wage increases of 6% and above for bargaining unit employees for a three-year period, followed by CPI-linked agreements in years 4 and 5, as well as notable increases in benefits.
Basic wages for entry level employees have increased on average by over 90% since 2013, compared with a compound increase in CPI of approximately 45% over the period. The current offer will result in further meaningful gains for employees, with entry level employees on average achieving a basic wage of over R20,000 per month and a total cost to company* of over R34,000 per month by year five, or a basic wage of approximately R250,000 per annum and an annual average total cost to company of approximately R410,000.
Says Richard Stewart, Chief Regional Officer: Southern Africa: “We remain committed to achieving a fair and sustainable agreement and avoiding prolonged negotiations as agreed upfront with the unions. It is concerning that despite overwhelming support for the offer by employees and union representatives at the operations, AMCU national leadership has again chosen to ignore their members. We will continue to act in the interest of all stakeholders.”
Sibanye-Stillwater is a multinational mining and metals Group with a diverse portfolio of mining and processing operations and projects and investments across five continents. The Group is also one of the foremost global PGM autocatalytic recyclers and has interests in leading mine tailings retreatment operations. For more information, visit our website at www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
FORWARD LOOKING STATEMENTS
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