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Telkom SA Limited
(Registration Number 1991/005476/06)
ISIN ZAE000044897
JSE and NYSE Share Code TKG
("Telkom")
Telkom and CWU strike a three-year wage deal
Telkom signed a new three-year substantive wage agreement with the
Communications Workers Union (CWU) today.
This deal ushers in a new labour relations dispensation, and strikes a balance
between the business imperatives of Telkom as a listed company and the interests
of its employees.
The agreement paves the way for future constructive engagement between
management and labour in tackling both workplace and business issues.
Today"s agreement between Telkom and CWU closes the 2003 substantive wage
negotiations chapter, which saw the Alliance of Telkom Unions (ATU) - which
includes the South African Communications Union (SACU), the Solidarity Union
(previously MWU) and the Post and Telecommunications Association (P & T) -
signing the three-year wage settlement on 23 May 2003.
In terms of the agreement, all bargaining unit workers will get a 9% salary
increase this year backdated to 1 April 2003, 8% in 2004 and 7% in 2005.
The percentage increases are based on certain key drivers such as inflation,
Telkom tariff increases and market-related conditions. These increases are in
line with Telkom"s business imperatives.
Telkom Employee Relations Executive George Nkadimeng praised the negotiating
teams from both sides, saying their mutual approach in resolving labour issues
augured well for future dialogue between Telkom and the unions.
"The path to this agreement may have been rocky, but the win-win outcome for
both organised labour and management sets the scene for future dialogue
involving the parties on labour issues," Nkadimeng said.
Johannesburg
6 June 2003
Special note regarding forward-looking statements
All statements contained herein, as well as oral statements that may be made by
Telkom SA Limited or by officers, directors or employees acting on behalf of the
Telkom Group, that are not statements of historical fact constitute "forward-
looking statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, specifically Section 21E of the U.S. Securities
Exchange Act of 1934, as amended. Such forward-looking statements involve a
known and unknown risks, uncertainties and other factors that could cause our
actual results to be materially different from historical results or from any
future results expressed or implied by such forward-looking statements. Among
the factors that could cause our actual results or outcomes to differ materially
from our expectations are those risks identified under the caption "Risk
Factors" contained in the prospectus relating to Telkom"s initial public
offering filed with the U.S. Securities Exchange Commission and available on
Telkom"s website at www.telkom.co.za/ir, including, but not limited to,
increased competition in the South African fixed-line and mobile communications
markets; developments in the regulatory environment; Telkom"s ability to reduce
expenditure; the outcome of arbitration or litigation proceedings with Telcordia
Technologies Incorporated; general economic, political, social and legal
conditions in South Africa and in other countries where Vodacom invests;
fluctuations in the value of the Rand; and other matters not yet known to us or
not currently considered material by us. You should not place undue reliance on
these forward-looking statements. All written and oral forward-looking
statements attributable to us or persons acting on our behalf are qualified in
their entirety by these cautionary statements. Moreover, unless we are required
by law to update these statements, we will not necessarily update any of these
statements after the date of this press release, either to conform them to
actual results or to changes in our expectations.
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