NUM rejects gold wage offer | Fin24

NUM rejects gold wage offer

Jul 06 2015 15:24

Company Data


Last traded 293
Change -4
% Change -1
Cumulative volume 844826
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Sibanye Gold Limited [JSE:SGL]

Last traded 45
Change 1
% Change 1
Cumulative volume 13655808
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 47
Change 1
% Change 2
Cumulative volume 2562127
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Gold wage offer 'needs work' - union

Union says Amplats developer to fire 165 workers amid strike

Anglo plans major job cuts - sources

Amplats drops to 10-year low, metal prices dip

Gold companies offer unions up to 13% increase

Cosatu signs controversial new govt wage deal


Johannesburg -  The National Union of Mineworkers has rejected the first pay offer made by gold companies including AngloGold Ashanti, the world’s third-largest producer.

“We want the money,” Livhuwani Mammburu, a spokesperson for the National Union of Mineworkers, or NUM, said in a text message. The organisation is still demanding an increase in basic pay for underground workers to R10 500 a month from about R5 700, R9 500 for surface employees, and a 15% increase for artisans, miners and officials, he said.

Unions met Monday with the Chamber of Mines, which represents AngloGold [JSE:ANG], Harmony Gold Mining [JSE:HAR] and Sibanye Gold [JSE:SGL], after consulting with their members over the initial offer made last week.

The producers proposed a five-year wage deal with annual wage increases of as much as 13%, plus a share of profits. South Africa’s inflation rate was 4.6% in May.

Gold producers want to stem rising costs that have left half of the industry barely breaking even or unprofitable, according to the Chamber of Mines, a lobby group for producers.

Instead, they’re attempting to offer improved job security and living conditions as part of the talks to avoid a repeat of last year’s five-month strike by platinum workers.

“It is a mandate from our members” that the offer is rejected, Mammburu said. Employees also didn’t favor a five-year term. “The NUM might consider a three-year agreement,” he said.

While the opening offer was “good,” it still needs work, UASA, the union that represents higher-skilled employers and managers, said earlier on Monday.

The Association of Mineworkers and Construction Union, which represents about 30% of employees in gold, also rejected the offer, Manzini Zungu, a spokesperson for the organization, said in a text message.

amcu  |  num  |  uasa  |  labour  |  wages  |  mining


Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote