PIK - Pick n Pay Stores Limited - Pick N Pay and SACCAWU reach agreement

PIK - Pick n Pay Stores Limited - Pick N Pay and SACCAWU reach agreement        
Pick n Pay Stores Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number:  1968/008034/06)                                          
Share code:  PIK   ISIN code: ZAE000005443                                      
PICK N PAY AND SACCAWU REACH AGREEMENT                                          
Pick n Pay announced today that the company and SACCAWU had reached an agreement
that would result in no forcible retrenchments due to operational requirements, 
and a flexible workforce.                                                       
The agreement allows for a flexible workforce of both full-time and             
variable-time employees (VTEs) under changed working conditions. This will      
allow Pick n Pay to have the right number of employees in the business at the   
right times, in line with customer trends and demands.  This in turn will       
provide for a flexible workforce, which will translate into a more efficient    
business.                                                                       
Pick n Pay confirmed that it offered voluntary early retirement and this        
was taken up by some 650 employees.  In addition, the numbers of employees      
considered for retrenchments reduced over the period that consultations took    
place for various reasons including dismissal, resignation and retirement.      
For more information please contact:                                            
Neal Quirk on +27 11 856 7510                                                   
By order of the board                                                           
Cape Town                                                                       
1 December 2011                                                                 
Sponsor: Investec Bank Limited                                                  
Date: 01/12/2011 08:00:01 Supplied by www.sharenet.co.za                     
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