The deal, which will impact over 1 thousand five hundred workers at De Beers’ South African operations, will ensure wage increases of 7 percent in 2023 and 6 percent annually thereafter until April 2028.
The wage rise brings the entry-level monthly wage to 17 thousand six hundred thirty Rand or about 954 Dollars, not counting additional allowances. Employees will also be given the opportunity to participate in Anglo-American employee share ownership plans. The wage negotiations, which initially began in March, ended peacefully, despite tough market conditions for the global diamond industry and threats of a strike at the Venetia mine.
Both De Beers and the union believe that the agreement will bring a sense of certainty for the workers over the next five years.