Solidarity delighted with mines pension fund announcement

By Anele Siwa
12 November 2007

The trade union Solidarity has described the announcement that pensioners in the mining industry are to receive a once-off 25% bonus this year as a great achievement.

“Solidarity expressed satisfaction with recent pension increases in the industry. The two mining pension funds, Mine Employees Pension Fund and Sentinel Mining Retirement Fund, have announced 9% and 8% increases respectively in their members’ pensions,’ says Solidarity spokesperson Jaco Kleynhans.

According to Kleyhans the increases will come into effect on November 1st, but since pensioners are paid on the fifteenth of every month, November financial statements will only reflect half the increase.

“South Africa is a world leader in the mining industry and it is therefore crucial that our retired mineworkers will receive adequate pensions,” he elaborates

According to Kleynhans the newly announced increases are above the inflation rate, which currently stands at 6, 7%.