ANGGOLD: 20,206 +924 (+4.79%)
S.Africa's NUM, UASA and Solidarity unions agree 3-year Harmony Gold wage deal
(Recasts with details, company confirmation)
JOHANNESBURG, Oct 3 (Reuters) - Harmony Gold signed
a three-year wage agreement with South Africa's National Union
of Mineworkers (NUM) and two other unions on Wednesday, the
company and unions said on Wednesday.
Harmony said in a statement that the deal would see a 700
rand ($48.00) a month pay hike in the first year for the
lowest-paid underground workers, an increase of about 9 percent
according to Reuters' calculations, almost double the inflation
rate. Similar percentage increases follow in the next two years.
NUM last month inked a three-year wage deal with AngloGold
Ashanti that saw a 12 percent pay hike for entry-level
Depressed prices and rising costs mean South African mining
companies have scant room for big wage hikes but unions maintain
the increases come off a low base rooted in the apartheid past
when the black labour force was exploited and underpaid.
($1 = 14.3823 rand)
($1 = 14.3700 rand)
(Reporting by Ed Stoddard; Editing by Adrian Croft and Emelia
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