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Vodacom to invest R 1.1 bn scheme for employees

With the help of this scheme, about 4,637 permanent employees will get benefit in South Africa.


Devdiscourse News Desk 12 Jun 2018, 07:31 AM South Africa
  • New group's BEE deal, which was declared on Monday, will substitute the scheme which was launched in 2008 and which will finish in October 2018. (Image Credit: Wikimedia)

Vodacom will invest R 1.1 billion in a scheme named employee share ownership as a share of its R 17.5 billion broad-based black economic empowerment deal. It is the largest BEE deal in the telecommunications sector.

With the help of this scheme, about 4,637 permanent employees will get benefit in South Africa.

Vodacom Group CEO Shameel Joosub stated, "The employee share scheme effectively is for all employees‚ but black employees and specifically black female employees will obviously get the lion’s share".

Shameel Joosub told that it was aimed more towards general staff as opposed to management.

The amount which would spend on employee share scheme, which would be prepared to give staff effective exposure to the group's share of R 3.5 billion, an average of nearly R 755,000 per qualifying staff members.

New group's BEE deal, which was declared on Monday, will substitute the scheme which was launched in 2008 and which will finish in October 2018.

If scheme approved, the deal will pool all of Vodacom’s BEE shareholders under a single entity, JSE-listed YeboYethu, and will see presently black shareholders exchanging their shares in Vodacom’s South African business for Vodacom Group stock, giving them exposure to other markets.

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