(Nigel Jarred/Getty Images)
A slow but eventful day in corporate news saw Pan African Resources sign a five-year wage agreement that promises long-term stability at its Barberton operations, while Canal+'s bid to buy MultiChoice made progress. In international news, a major strike in Nigeria was suspended for a week to allow time for wage negotiations.
Pan African Resources announced on Tuesday that it has signed a landmark five-year wage agreement. Pan African has agreed wage increases and other terms of service with the National Union of Mineworkers (NUM), the union representing employees in bargaining units categories 4 to 8 at the Barberton mine operation. The agreed wage increases for the period 1 June 2024 to 30 June 2029 represent an average annual increase of about 5.3% over five years. The employee share ownership plan, which was due to mature on 30 June after a 10-year term, was also finalised ahead of schedule at the end of March after negotiations between employees and the union. Eligible employees will receive dividends of more than R40 million over the plan period, with a final maturity benefit to be paid to employees in May 2024. More than 2,200 employees are eligible for a final maturity payment, with the payment dependent on years of service completed. Pan African was down about 2% on Tuesday afternoon, but has risen more than 70% over the past year, faring much better than its peers.
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