SRK Consulting says mine closure has often led to mass job losses and associated socio-economic challenges, but better engagement and planning can help to put employees on a stronger footing so they can transition into other livelihoods.
According to Jessica Edwards, senior social scientist at SRK Consulting, many mines struggle with finding a practical starting point to initiating effective strategies. Indeed, many consider that their role ends with the payment of a retrenchment package.
“It is not uncommon for retrenchment pay-outs to be quickly squandered due to financial illiteracy and poor financial planning,” says Edwards.
“Structuring these pay-outs so that employees are incentivised to withdraw less up-front and delay withdrawals over time is a valuable idea.”
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