Transnet, a state-owned logistics company in South Africa, announced that it had reached a three-year salary agreement with the union that represents the majority of its employees; putting an end to a two-week strike that had hindered commodity shipments and cost the country millions of dollars.
According to a statement from the company, “Transnet and the company’s majority union United Transport and Allied Trade Union (UNTU) agreed a three-year salary agreement”; adding that the accord will allow the bulk of its employees to return to work.
More than half of the company’s staff, or UNTU members, went on strike on October 6 in favour of a raise tied to South Africa’s annual inflation rate; which was 7.6% in August. Transnet reported that it has reached an agreement on a 6% pay boost for the current fiscal year, or a 5.5% increase.
