Sibanye boosts its financial assistance programmes for employees
JOHANNESBURG (miningweekly.com) – Gold miner Sibanye has increased the level of its debt management and financial awareness assistance to debt-burdened employees.
The Johannesburg- and New York-listed company would, from the end of June, provide employees with individualised financial coaching and an option to consolidate their debt at affordable rates and repayment terms.
“We hope that by offering a structured financial awareness programme and now, an opportunity to consolidate their debt, employees will not have to resort to borrowing from the informal sector, particularly loan sharks who charge excessive rates,” said Sibanye CEO Neal Froneman.
Further, to ensure that retiring employees, or those who were near retiring, were equipped for “life after mining”, Sibanye, in conjunction with employee pension and provident funds, would host financial awareness retirement workshops.
The initiatives formed part of Sibanye’s Care for iMali programme, launched in February 2014, which aimed to assist employees to increase their take-home pay and use their wages and bonuses to build a financially stable future.
Since inception, more than 13 000 employees and community members had benefited from the financial awareness training.
Further, in partnership with Debt Control Management (DCM), Sibanye had secured the return of R350 000 for employees whose loan agreements had come to term or were illegal.
“DCM has been working with Sibanye to audit and authenticate all claims made against employee pay, including emolument attachment orders or garnishees as they are more commonly known,” Froneman concluded.
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