12th Aug 2021 10:01
(Alliance News) - Pan African Resources PLC said on Thursday it has signed multi-year wage deals that are marginally above inflation.
The gold miner concluded a three-year wage agreement with the National Union of Mineworkers and a five-year wage agreement with the United Association of South Africa, which both represent the majority of employees at its subsidiary Barberton Mines Pty Ltd.
The NUM agreement provides for an average annual wage increase of about 5.6%, compound annually effective from July 1 and terminating on June 30, 2024.
The UASA deal, which is effective from July 1 to June 30, 2026, will see average annual increases of 5.0%, capped at 6.0%.
Currently, the headline consumer price index stands at 4.9%.
"We are pleased with the outcome of the negotiations and commend the constructive spirit in which they were conducted," said Pan African Chief Executive Cobus Loots.
Pan African shares slid 2% to ZAR3.31 on Thursday mid-morning in Johannesburg, while its London shares were 1.0% higher at 16.27 pence.
By Artwell Dlamini; [email protected]
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