Eskom has concluded wage negotiations with the National Union of Mineworkers and Solidarity, reaching an agreement that will see employees receive a 7% annual salary increase over the next three years.
The utility confirmed that the agreement is binding across its workforce, including employees affiliated with NUMSA, even though the union has not formally accepted the deal.
Eskom said the multi-year settlement is aimed at reducing the uncertainty associated with yearly wage negotiations and providing greater labour stability.
The company also noted that the agreement forms part of its broader financial recovery strategy, which targets more than R100 billion in cost savings over the next five years.
The wage deal is expected to provide predictability for both management and workers as the power utility continues efforts to stabilise its operations and improve financial performance.