THABAZIMBI – On Tuesday, 29 November 2011, the long wait for members of Kumba’s Envision employee share participation scheme will be over. On this day the company will announce the audited figures for the substantial cash payout that will be made to all permanent employees below management level just before Christmas.
The announcement will be made at a news conference at Kumba’s head office in Pretoria and Envision members and their families will be able to watch proceedings live on Summit TV from 13:00 on the day.
More than 5 800 employees will share in the payout on or before 17 December – many of them working at Thabazimbi mine. This promises to be a life-changing event for many of them. The members include from cleaners to haul truck drivers to supervisors. Everybody receive the same irrespective of their job level, depending on their years of service. Those who have been with the company for the full five years since listing, will receive the full payout, while those with less service will receive a pro rata amount.
Envision has been described as the most generous broad-based employee share participation scheme in the history of South African mining, with pre-tax payout figures of up to half-a-million Rand per employee been quoted in the media for Envision members who have been with the company for the full five years since listing in 2006. The payout will depend on the company’s share price over a five day period mid November.
Envision is a two part, ten year scheme with two capitalisation dates. The good news is that employees will in five years’ time receive another cash payout, should the company do well over the period.