Shocking revelations emerged from the 1st round of wage negotiations with Eskom

Press Statement, 24 May 2018

Shocking revelations emerged from the 1st round of wage negotiations with Eskom

The National Union of Mineworkers is deeply concerned that the new Eskom Board has unilaterally suspended the recognition agreement with the unions as they prepare for privatization. Their strategy of saving the precarious balance sheet of Eskom is to sell off government tangible assets worth R 638bn which constitute 84% of Eskom’s asset base.

The unaudited financial results as presented by Mr. Caleb Cassim, the acting CFO, reveal that Eskom is technically insolvent, it’s gearing has grown from 72% to 78%. To appease the lenders and investors the Board decided to suspend all agreements reached with the NUM and other unions.

In the wage negotiations this week Eskom pitted the workers demand against the bankers and investors interest. Eskom chooses the investors and bankers and declared that workers are replaceable. They then offered a 0% salary increase as a first and final position. This negativity of the Board has a potential of igniting labour unrest and demotivate workers. The

NUM has no other choice but to mobilize its members and South Africans at large to oppose the wholesale of government assets. The appointment of Mr. Phakamani Radebe is entrenching the so-called New deal agenda which is a vehicle for privatization paraded as an economic solution for the country.

For more detailed information, please contact:

Paris Mashego: NUM Energy Sector Coordinator: 079 517 1758

The National Union of Mineworkers
7 Rissik Street.
Cnr Frederick Johannesburg
Tel: 011 377 2111 Cell: 083 809 3257
Twitter: @Num_Media

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