Sibanye-Stillwater signs 3-year wage deal with unions | Fin24
 
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Sibanye-Stillwater signs 3-year wage deal with unions

Nov 15 2018 10:11
Fin24

Sibanye-Stillwater (JSE:SGL) has concluded a three-year wage deal with the National Union of Mineworkers, Solidarity and UASA, it has announced.

The agreement covers wages and conditions of service from July 1, 2018 to June 30, 2021. 

It allows for increases of R700 per month in the first and second year, and R825 per month in the third year for Category 4-8 surface and underground employees. Miners, artisans and officials will receive increases of 5.5% in the first year and 5.5% or CPI – whichever is greater – in years two and three.

The announcement was made in an update to shareholders on Thursday morning. 

Additionally, the current living-out allowance was increased by R50 to a maximum of R2 150 per month from 1 September 2018, and will reach R2 225 in 2019 and R2 325 in 2020.

The guaranteed minimum severance payment was increased to R50 000 over the three-year period.

Healthcare will also be reviewed, the company said, with a task team established to probe the various medical aid schemes. Female employees will be entitled to four months of paid maternity leave with the option to spread it over six months.

Sibanye-Stillwater CEO Neal Froneman said in a statement: " We are pleased to have reached a wage agreement with the NUM, UASA and Solidarity, which we believe is fair, but takes into consideration the longer term sustainability of the gold operations."

Sibanye-Stillwater employs 32 231 workers at its SA gold operations in the bargaining unit.

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sibanye gold  |  strike action  |  wage agreement  |  wages  |  gold
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