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Workers get R500 000 windfall
Workers who have been with Kumba for five years or more will get a R500 000 bonus in December as part of a generous employee share option scheme that will see the company paying out more than R2,5-billion to its employees.
Kumba, together with the representative unions, had put programmes in place to help workers cope with the windfall payments that will be paid directly to them shortly before Christmas this year.
According to Business Report the precise value of the actual payment will be determined by the company's share price on 17 November. It says the share scheme was put in place for employees when the company listed in 2006. The share option scheme has about 6 000 members.
Kumba says that in terms of the scheme every full-time employee below manager level and who has worked for the company for five years or more will receive the full allocation. Those who have been there for four years will receive 80%, while those who have been there for three years will receive 60% for two years 40% and for a year, 20%.
The estimated 1 000 contract workers employed by the company are not entitled to payments under the share option scheme.
Read the full article on www.iol.co.za.
Read more on the Kumba Share Participation Scheme.
