RBP - Royal Bafokeng Platinum Limited - Conclusion of three-year wage agreement
RBP
RBP
RBP - Royal Bafokeng Platinum Limited - Conclusion of three-year wage agreement
ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
("RBPlat" or the "Company")
CONCLUSION OF THREE-YEAR WAGE AGREEMENT
After much deliberations and engagements, the Company has concluded a landmark
three-year wage agreement with Labour, represented by the National Union of
Mineworkers.
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 which
provides the 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 being 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.
Johannesburg
15 August 2011
JSE Sponsor
Macquarie First South Capital (Pty) Limited
For further enquiries, please contact:
Date: 15/08/2011 09:00:01 Produced by the JSE SENS Department.
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