On 6 November 2023, Sibanye-Stillwater (JSE: SSW and NYSE: SBSW) reported that it had concluded a five-year wage agreement with all representative unions, comprising the Association of Mineworkers and Construction Union (AMCU) and the National Union of Mineworkers (NUM) in respect of annual wages and benefits for employees at the Kroondal PGM operations.
The five-year wage agreement is similar to the terms and increases reached at the Group’s Rustenburg and Marikana operations during 2022. The agreement is inflation-linked, with category 4-8 employees receiving an increase of a minimum of 6% in each of the five-years of the agreement.
Miners, artisans and officials will receive an increase of 6% in each year of the five-year agreement. The estimated average increase in the total wage bill, including all benefits, over the five-year period is approximately 6.4% per annum.
Neal Froneman, CEO of Sibanye-Stillwater, said “We are pleased to have concluded this five-year inflation-linked wage agreement, which follows the agreements we reached at our Rustenburg and Marikana operations in 2022, in a constructive manner and without any disruption. The agreement secures wage stability in the operations which will benefit all stakeholders.”