Conclusion of three-year wage agreement
The process of engagement followed a strategic approach from the beginning, as opposed to the conventional approach of traditional positional bargaining.
The wage agreement is a mutually beneficial arrangement with sustainable long-term benefits and obligations for all parties. Basic pay increases are structured on a sliding scale basis over the three-year period with Operational Bargaining Unit employees receiving 10%, 8%, and 9% respectively, whilst employees represented by the Supervisory Bargaining Unit will be receiving 8%, 7% and 7% respectively. Where the Consumer Price Index (“CPI”) reaches 7% by March of the increase year, the Supervisory Bargaining Unit employees will receive CPI plus 1%. The settlement also incorporates an agreement in respect of all other related terms and conditions of employment.
This three-year multiple agreement is unique in the Platinum Industry and provides the Company's business and partners with stability and an aligned growth focus for the future. It is also considered unique due to the inclusion of the principle that aspects of remuneration are linked to agreed performance and efficiency targets.
The Company believes that this agreement is not a destination in itself, but provides a steady platform for all stakeholders towards growing RBPlat.
15 August 2011
Macquarie First South Capital (Pty) Limited
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