Report: Most Platinum Firms Inaccurately Report Labor Data

Mining Weekly reported that in its latest note, the Bench Marks Foundation said that although platinum firms are required by law to accurately report employee numbers and wages, most do not.

As quoted in the market news:

[Bench Marks Foundation executive director John] Capel noted that, the bigger the company, the less accurate their contract labour data was, particularly the reported wage bill.

Further, he said that the majority of the wage levels for contractors were ‘guesstimates made either by staff or by the companies themselves’, while the hundreds of subcontractor firms further distorted possible numbers.

The organisation said ‘books were not in order’ with regards to contract labour and labour broking, forcing Bench Marks to approximate wage levels from tables on employment and total labour costs, which were also not accurate.

Click here to read the full Mining Weekly report.