Local News
Amcu shifts focus to share ownership─── 11:28 Tue, 24 Jun 2014
Rustenburg - After securing the highest ever settlement in a South African mining strike, the Association of Mineworkers and Construction Union (Amcu) is now shifting its focus to ownership of the mines, saying shares need to be transferred to workers.
The union's president Joseph Mathunjwa says the employee share option at platinum mining houses needs to be revisited because the scheme has only benefitted a select few.
His comments follow yesterday's announcement that the crippling five-month long platinum strike has come to an end.
Mathunjwa made the announcement at a rally attended by tens of thousands of miners at Royal Bafokeng Stadium in North West where Amcu members overwhelmingly voiced their support for the latest wage offers from Anglo American Platinum, Impala Platinum and Lonmin.
An agreement between Amcu and Lonim, Impala Platinum and Anglo American Platinum is expected to be signed this afternoon.
Mathunjwa says re-adjusting the plan will give workers a bigger stake in the companies.
“We need to re-engineer the entire employee share option plan. I believe that the shares that have been given to individuals should be given to the workers.”
Mathunjwa, who was praised by mineworkers on Monday for leading the strike, said the settlement should be celebrated across industries.
“Everyone should be joyful that at the end of the day the settlement agreement was reached and was welcomed by an overwhelming majority of our members.”
Amcu has secured an increase of at least R2,000 extra for all their members for the next six months due to the backdates agreement.
The miners had embarked on a work stoppage in January for higher wages and have now agreed to settle for a minimum R1,000 salary increase.
The action halted mines that normally account for 40 percent of global platinum output and hit the country’s overall GDP, pushing it into contraction in the first quarter of the year.
The strike cost the industry over R23.4 billion in lost earnings.
It was also mentioned by ratings agency Standard & Poor’s as one of the reasons South Africa’s credit rating was downgraded.
The union's president Joseph Mathunjwa says the employee share option at platinum mining houses needs to be revisited because the scheme has only benefitted a select few.
His comments follow yesterday's announcement that the crippling five-month long platinum strike has come to an end.
Mathunjwa made the announcement at a rally attended by tens of thousands of miners at Royal Bafokeng Stadium in North West where Amcu members overwhelmingly voiced their support for the latest wage offers from Anglo American Platinum, Impala Platinum and Lonmin.
An agreement between Amcu and Lonim, Impala Platinum and Anglo American Platinum is expected to be signed this afternoon.
Mathunjwa says re-adjusting the plan will give workers a bigger stake in the companies.
“We need to re-engineer the entire employee share option plan. I believe that the shares that have been given to individuals should be given to the workers.”
Mathunjwa, who was praised by mineworkers on Monday for leading the strike, said the settlement should be celebrated across industries.
“Everyone should be joyful that at the end of the day the settlement agreement was reached and was welcomed by an overwhelming majority of our members.”
Amcu has secured an increase of at least R2,000 extra for all their members for the next six months due to the backdates agreement.
The miners had embarked on a work stoppage in January for higher wages and have now agreed to settle for a minimum R1,000 salary increase.
The action halted mines that normally account for 40 percent of global platinum output and hit the country’s overall GDP, pushing it into contraction in the first quarter of the year.
The strike cost the industry over R23.4 billion in lost earnings.
It was also mentioned by ratings agency Standard & Poor’s as one of the reasons South Africa’s credit rating was downgraded.
EWN
