South Africa: NUM Signed an Esop Agreement With Two Rivers Platinum Mine

Posted on : Saturday , 7th November 2015

The National Union of Mineworkers (NUM) today signed a collective agreement with Two Rivers Platinum Mine that will result in the speedy implementation of an Employee Share Ownership Plan (ESOP) aimed at attracting and retaining employees, and fulfil the employer's employment obligations to its employees in terms of the Mining Charter. The agreement was signed at the African Rainbow Minerals (ARM) Head Office in Johannesburg.

NUM and Two Rivers reached an agreement on the content of a short-term employee empowerment scheme in the form of a cash benefit.

The scheme will benefit employees permanently employed in grades A to C.

The parties have agreed to a cash scheme for qualifying employees for the period as from 1 July 2011 to 30 June 2016, and that each qualifying employee who has been in the employ of the employer for the duration of the cash scheme shall receive a gross amount of a maximum of R50 000.

NUM Deputy General Secretary William Mabapa welcomed the scheme saying it will highly assist workers going forward.

"As the NUM, we have made some observations and found that most of our members, particularly in the mining sector are highly indebted. Most are being served with illegal garnishing orders every day, says Mabapa.

He challenged the mining companies to come forward and assist in the auditing of garnishing orders or double check whether they complied with the laws of this country.

"It is our responsibility to ensure that we assist those workers in managing their finances. We need to step up the game and fight tooth and nail people who are ripping off our members," added Mabapa.

This agreement will commence on the date of signature of this agreement and will endure for as long as the cash scheme has not been replaced by the future scheme.

Source : allafrica.com

WELCOME TO EXPOGROUP

EVENTS PREVIEW

BUILDEXPO AFRICA