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Fin24 reports that a month into a wage strike at Sibanye-Stillwater's gold mines, CEO Neal Froneman said the group would stand firm on its wage offer as the world faced a potential economic downturn.
"It is real likely that the world is going into an economic recession in the next short while and we can't let buoyant commodity prices confuse us in terms of wages and salary service," Froneman stated on Wednesday. Association of Mineworkers and Construction Union (AMCU) and National Union of Mineworkers (NUM) members continue to strike at Sibanye's gold mines in Gauteng and the Free State after having downed tools on 10 March. Against a demand for a monthly R1,000 basic wage increase in each year of a three-year agreement for category 4 to 8 workers, Sibanye has offered a R700 increase in each year. Froneman said Sibanye would not tolerate increases way above inflation. "The industry as a whole has made major catch-ups over the last few decades of wages and, in our view, the wage profile is fair. So if you want to create a cost squeeze, then agree to above-inflation wage increases," he said. Froneman added: “We need to take a very robust stance and, probably as a country, nip these above-inflation increases in the bud,"
- Read the full original of the report in the above regard by Lisa Steyn at Fin24
- Read too, Sibanye-Stillwater gold mining strike enters second month, at Moneyweb
Get other news reports at the SA Labour News home page