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Wage increase for coal sector

Nov 07 2012 13:02

Company Data

EXXARO RESOURCES LIMITED [JSE:EXX]

Last traded 138.55
Change -0.16
% Change 0.00
Cumulative volume 433743
Market cap 49.62bn

Last Updated: 24/07/2014 at 04:23. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - A wage increase agreement in the coal industry was signed in Johannesburg on Wednesday.

An entry-level hike of 5% was included in an existing agreement and would affect all coal mining companies under the Chamber of Mines, said Frans Baleni, general secretary of the National Union of Mineworkers.

The agreement was signed by the NUM, the Chamber of Mines, Solidarity, and Uasa. A R2 000 once-off "sweetener", after tax, would be paid out next month.

Exxaro [JSE:EXX] decided that instead of the R2 000, it would give lower category workers a 2% increase, and higher category workers 1%.

Baleni said the sweetener was an attempt to strengthen the collective bargaining framework.

exxaro  |  coal  |  wage deal
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