Mining companies in Zimbabwe – including units from Anglo Platinum, Impala Platinum and Caledonia Mining – offer miners a wage increase of nearly 80%. The pay for the lowest-paid workers in the industry rises to about $ 480 RTGS * per month.
At current interest rates, this amounts to about $ 192 or 800 R2.
Lengthy negotiations between the Associated Miners' Union of Zimbabwe (AMWUZ) and the Zimbabwe Chamber of Mines resulted in salary adjustments for industrial workers. The country's cost of living rose dramatically after inflation rose to more than 50% in January.
"After extensive negotiations between the AMWUZ and the Zimbabwe Mine Chamber, we were able to conclude an agreement for an 80% salary increase for the mining industry for the period January to December 2019," said Tinago Ruzive, president of the miners. Union, said Thursday.
This effectively raised the industry's minimum wage from $ 262.32 to $ 468.58 at a time when other companies in Zimbabwe introduced allowances to protect workers from the current economic difficulties in Zimbabwe.
These include price increases and unavailability of basic materials, while transport costs have also risen following President Emerson Mnangagwa's increase in gasoline prices, which sparked protests in January.
"This increase (mine worker's wage) is based on the increase in the dollar exchange rate for the mines, which may pay more than the minimum amount for a variety of reasons … so no employee will fail to raise," Ruzive added.
Some Zimbabwean miners are said to be paying their foreign currency workers, although others have had difficulty earning foreign currency from the Reserve Bank.
The Zimbabweans faced foreign currency shortages and the continued devaluation of the local RTGS dollar unit.
Mining executives from mining corporations such as Metallon Corporation and Zimplats say they are still investigating the impact of the central bank's new monetary policy, which devalued the country's national currency and ordered the separation of bank accounts with local funds and foreign exchange transactions.
According to Zimplats, the demand for foreign currencies, which is required for the operation and capital requirements of the company, fluctuates.
To this end, the Implats-controlled company continues to engage with the Reserve Bank of Zimbabwe, where it is necessary to ensure that our business operations are not disrupted.
* Real-time gross settlement dollar was virtually Zimbabwe's new currency since mid-February 2019. According to the Reserve Bank of Zimbabwe, the average US dollar / RTGS rate was 2.71 on Thursday, March 14, which is equivalent to one US dollar 2.71 units of the new Zimbabwean currency.