The National Union of Mineworkers (NUM) this week concluded a 5-year Employee Participation Fund (EPF) collective agreement with African Rainbow Minerals (ARM) and its JV partners across various operations. The fund will benefit employees between A-C Band across all participating operations (including smelters). The fund will distribute R50 000 to all permanent employees of participating operations, who have been in the employment of the operation since the inception date. Those who left due to death, medical incapacity, and retrenchments will be pro rata paid according to the year of departure.
This collective agreement will be backdated to 1st March 2010 for Modikwa Platinum and 1st July 2011 for all participating employees, thus making the date 28th February 2015 and 30th June 2016. The agreement brings to an end months of deliberations between the two parties and also paves the way for the second phase discussions for Share Ownership scheme post maturity of the fund.
“This is a significant achievement for our members, as the deal would be amongst the most economically meaningful worker participation scheme”, says NUM Head of Transformation Luthando Brukwe.
The operations that are participating in agreement are as follows:
• Modikwa Platinum,
• Two Rivers Platinum,
• DwarsRivier Chrome Mine,
• Nkomati Nickel & Chrome Mine,
• Khumani Iron Ore Mine,
• Beeshoek Iron Ore Mine,
• Black Rock Manganese and
• Machadodorp Ferromanganese and Ferrochrome Works and;
• Cato Ridge Ferromanganese Works.
This deal will go a long way in ensuring our members benefit from the mineral wealth they work and thus the second phase concentrate on meaningful share ownership. Both parties have arranged signing ceremonies across all operations from the 27th October -4th November 2014.
Source Url: http://www.num.org.za/News/tabid/91/entryid/121/num-and-arm-concludes-a-5-year-employee-participation-fund.aspx
For more information, please contact:
Luthando Brukwe (NUM Head of Transformation) on 0720223511
Livhuwani Mammburu: 083 809 3257
:Acting NUM National Spokesperson
7 Rissik Street.
Twitter: @Num Media