The inflation-linked five year offer comprises fixed average annual wage increases of 6% and above for the initial three-year period.
SEATTLE (Scrap Monster): Johannesburg, South Africa-based Sibanye-Stillwater announced that it has reached an agreement on wages and benefits with two of the three striking unions at its PGM operations.
According to sources, the company’s offer has been accepted by UASA and the National Union of Mineworkers (NUM), who will sign the agreement next week. However, the Association of Mineworkers and Construction Union (AMCU) has reportedly referred the matter to the Commission for Conciliation, Mediation and Arbitration (CCMA) for conciliation.
The inflation-linked five year offer comprises fixed average annual wage increases of 6% and above for the initial three-year period, followed by CPI-linked agreements in fourth and fifth years. The offer also presents notable increases in benefits as well. As per the current offer, the entry level employees will achieve 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 a year, and an annual average total cost to company of approximately R410,000, the company press release said.
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