{"id":6133,"date":"2011-12-15T00:19:06","date_gmt":"2011-12-14T22:19:06","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/exxaro-employees-to-get-payout-in-empowerment-plan\/"},"modified":"2011-12-15T00:19:06","modified_gmt":"2011-12-14T22:19:06","slug":"exxaro-employees-to-get-payout-in-empowerment-plan","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/exxaro-employees-to-get-payout-in-empowerment-plan\/","title":{"rendered":"Exxaro employees to get payout in empowerment plan"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Dec 14 (Reuters) &#8211; South African miner<br \/>\nExxaro said on Wednesday that thousands of its<br \/>\nlower-level employees were expected to benefit from a 1 billion<br \/>\nrand ($120 million) payout this month following the maturity of<br \/>\nits &#8220;empowerment&#8221; plan.<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>To right the wrongs of apartheid and give blacks a bigger<br \/>\nstake in the economy, South Africa requires companies including<br \/>\nminers to meet quotas on black ownership, employment and<br \/>\nprocurement. In the local political and commercial jargon this<br \/>\nis known as &#8220;empowerment&#8221;.<\/p>\n<p><span><\/span><\/p>\n<p>The diversified miner set up an empowerment participation<br \/>\nscheme for its employees up to lower management level in 2006 to<br \/>\nwiden the ownership base.<\/p>\n<p><span><\/span><\/p>\n<p>Critics say such deals often only enrich a politically<br \/>\nconnected elite, sparking a push by unions and the government<br \/>\nfor more &#8220;broad-based&#8221; schemes that benefit the rank and file.<\/p>\n<p><span><\/span><\/p>\n<p>Exxaro, which was itself formed as part of an empowerment<br \/>\ntransaction, said the scheme had 9,694 beneficiaries and held<br \/>\nabout 3 percent of its shares. The shares were sold on Dec. 8<br \/>\nafter reaching maturity, generating about 1 billion rand.<\/p>\n<p><span><\/span><\/p>\n<p>The company said the amount each beneficiary would get would<br \/>\ndepend on length of membership in the scheme; someone with five<br \/>\nyears&#8217; membership could expect about 135,000 rand before tax.<\/p>\n<p><span><\/span><\/p>\n<p>The company will launch a new share scheme next year, and<br \/>\nChief Executive Officer Sipho Nkosi said the format of the new<br \/>\nplan would be announced later as negotiations with various<br \/>\nstakeholders were still ongoing.<\/p>\n<p><span><\/span><\/p>\n<p>South Africa&#8217;s Kumba Iron Ore recently also<br \/>\nannounced a similar but bigger payout to its employees.<\/p>\n<p> ($1 = 8.2823 South African rand)\t<\/p>\n<p> (Reporting by Olivia Kumwenda, editing by Ed Stoddard and Will<br \/>\nWaterman)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2011 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JOHANNESBURG Dec 14 (Reuters) &#8211; South African miner Exxaro said on Wednesday that thousands of its lower-level employees were expected to benefit from a 1 billion rand ($120 million) payout this month following the maturity of its &#8220;empowerment&#8221; plan. To right the wrongs of apartheid and give blacks a bigger stake in the economy, South [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6133","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6133"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6133\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}