Numsa, ArcelorMittal sign wage agreement

JOHANNESBURG - The National Union of Metalworkers (Numsa) and ArcelorMittal have signed a three-year wage agreement.

Numsa was on the verge of a strike at ArcelorMittal, one of the largest steel producers in sub-Saharan Africa.

The agreement includes a wage increase of up to 6.5 percent for the first two years and an inflation-based increase for year three.

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However, it can be capped at 6.5 percent.

Other conditions include a once-off cash signing bonus of R10,000 and a higher medical aid subsidy.

The paternity benefit will also increase from 10 to 12 days.