Dual-listed gold producer Sibanye Gold will be enhancing its employee debt management and financial awareness programme, called the Care for iMali programme, by facilitating qualifying employees to consolidate and make their debt more affordable.
Since the launch of Care for iMali in February 2014, the company has provided financial awareness training to more than 13 000 employees and community members.
In partnership with financial wellness solutions provider Debt Control Management (DCM), the company has also, to date, returned approximately R350 000 to 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. With effect from the end of June, Sibanye will 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. We remain hopeful that through this intervention, heavily indebted employees will be able to eventually attain financial autonomy,” says Sibanye CEO Neal Froneman.
Through the Care for iMali programme, Sibanye aims to ensure that all employees will be able to increase their take home pay and use their hard earned wages and bonuses towards improving the lives of their families and building a financially stable future.
In addition, Sibanye will be introducing Financial Awareness Retirement Workshops for employees going on retirement and those close to retirement. This training, which is provided by employee pension and provident funds, is aimed at ensuring employees are equipped for life after mining.