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Wednesday , November , 22 2017
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Num-Arm Employee Participation Fund Pay-Outs

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Num-Arm Employee Participation Fund Pay-Outs
NUM Press Statement, 26 August 2016
 
NUM-ARM EMPLOYEE PARTICIPATION FUND PAY-OUTS
 
The National Union of Mineworkers (NUM) today joins thousands of employees
and its members working at various African Rainbow Minerals Joint Ventures
across the country in celebrating the maturation of the 5 year Employee
Participation Fund. This fund was part of the NUM – ARM agreement that was
signed in 2014, for the employees to benefit in the profits of the company
dating back to 1st March 2010 for Modikwa Platinum (which was paid in 2015)
and 1st July 2011 for the 9 other operations. The scheme paid all employees
who participated for the full five years R50 000 before tax each and the
others who joined later will be pro-rated according to the number of years
they have contributed.

This is one giant step towards the achievement of economic freedom for the
mineworkers, as we are in the process of ensuring that all companies in the
mining industry are substantially owned by the workers and our members. As
employees are risking their lives on a daily basis for the success and
sustainability of this industry, *“hence the union is now focusing on
reviewing current Employee Share Ownership Plans/Schemes that are
non-meaningful and thus implementing the NUM ESOP Guidelines that will
ensure employees get meaningful economic empowerment from the industry. All
companies with non-meaningful will be reported to the Department of Mineral
Resources and the Broad Based Black Economic Empowerment Commissioner at
the Department of Trade & Industry”*, says *NUM Head of Transformation
Luthando Brukwe*.

The operations that participated and employees paid are as follows: Two
Rivers, Nkomati, Khumani, Beeshoek, Dwarsrivier, Black Rock, Machadodorp
Works and Cato Ridge Works ARM JV operations. This scheme has a total of
approximately 13 000 employees between A-C Patterson bands, with a total of
R520 million paid out to beneficiaries. The NUM is unapologetic in its
mission to render effective and quality service to our members, with our
motto of “members first, today and forever”.
For more information: Please contact

*Luthando Brukwe :NUM Head of Transformation: on 072 022 3511*

Livhuwani Mammburu: NUM National Spokesperson: 083 809 3257

The National Union of Mineworkers

7 Rissik Street.

Cnr Frederick

Johannesburg



Tel: 011 377 2111

Cell: 083 809 3257

Web: www.num.org.za

Twitter: @Num_Media

Facebook: https://www.facebook.com/pages/NUM/100860023402167
 
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