Cape Town - Anglo American Platinum (Amplats) [JSE:AMS] announced on Friday that it has signed a three-year wage agreement with the Association of Mineworkers and Construction Union (Amcu).
The agreement is retrospectively effective from July 1 2016, Amplats said in a statement. It makes provision for an annual increase of R1 000 or 7% (whichever is greater) per month in basic pay for bargaining unit employees for the three-year period, with increases ranging from 12.5% for the lowest paid employees to 7% for other bargaining unit employees in higher level bands.
allowances, housing rent subsidies and home ownership allowances increase by
R120 per month for each year of the three-year agreement. Amplats will increase medical aid contributions by 6.4% from January 1 2017 and on the
first of January for each succeeding year of the wage agreement by 5.5%.