The Steel and Engineering Industries Federation of South Africa (Seifsa) and the National Union of Metalworkers of South Africa (Numsa) have signed a three-year wage agreement from July 1 2024 to June 30 2027.
The employer body said the agreement was concluded after three formal engagements.
Seifsa said 2021 was a bruising round of wage negotiations which peaked in a three-week strike costing the industry of R600m per day in lost revenue. It said this year’s agreement was reached in record time with no industry disruption and within mandate.
In terms of the agreement, workers on Rate A in year one will receive 6% while those on Rate H will receive 7%. In years two and three, Rate A will receive 5% and Rate H 6% respectively.
Seifsa said its affiliated membership which accounts for 57% of all employees employed by all the employer organisations on the bargaining council and Numsa, representing more than 115,000 members, signed the agreement at the Birchwood Conference Centre in Boksburg on Monday.
The deal contained no additional and immediate cost to employment concessions.
However, the exemption and special phase-in exemption dispensation for employers who needed a degree of relief from the agreement was retained.
There was also a commitment by the parties to address access to housing for industry workers.
The parties also agreed to request the board of trustees of the Metals and Engineering Industries Benefit Funds, who oversee investments under management of more than R149bn, to develop an institutional framework covering, among other things, eligibility and legal criteria, funding models and subsidy mechanisms within three months of signing the agreement.
Seifsa and the union will outline terms of the agreement in a media briefing in Johannesburg on Wednesday.
TimesLIVE
Seifsa, Numsa reach wage deal two months before expiry of current deal
The Steel and Engineering Industries Federation of South Africa (Seifsa) and the National Union of Metalworkers of South Africa (Numsa) have signed a three-year wage agreement from July 1 2024 to June 30 2027.
The employer body said the agreement was concluded after three formal engagements.
Seifsa said 2021 was a bruising round of wage negotiations which peaked in a three-week strike costing the industry of R600m per day in lost revenue. It said this year’s agreement was reached in record time with no industry disruption and within mandate.
In terms of the agreement, workers on Rate A in year one will receive 6% while those on Rate H will receive 7%. In years two and three, Rate A will receive 5% and Rate H 6% respectively.
Seifsa said its affiliated membership which accounts for 57% of all employees employed by all the employer organisations on the bargaining council and Numsa, representing more than 115,000 members, signed the agreement at the Birchwood Conference Centre in Boksburg on Monday.
The deal contained no additional and immediate cost to employment concessions.
However, the exemption and special phase-in exemption dispensation for employers who needed a degree of relief from the agreement was retained.
There was also a commitment by the parties to address access to housing for industry workers.
The parties also agreed to request the board of trustees of the Metals and Engineering Industries Benefit Funds, who oversee investments under management of more than R149bn, to develop an institutional framework covering, among other things, eligibility and legal criteria, funding models and subsidy mechanisms within three months of signing the agreement.
Seifsa and the union will outline terms of the agreement in a media briefing in Johannesburg on Wednesday.
TimesLIVE
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