State rail and ports company Transnet says it has tabled a new three year wage offer to labour unions following two days of wage negotiations at the Commission for Conciliation, Mediation and Arbitration (CCMA).

This as strike action continued at the state owned company this week following an impasse in wage negotiations.

"The negotiations have been a delicate balancing act for the company - mindful not only of the affordability and sustainability of the wage increases for the business, but also having full appreciation of the cost pressures that employees face currently," Transnet said.

The new wage offer includes:

A 4.5% increase in the current year across the board which will be implemented from 1 October 2022.

This will be followed by 5.3% increases in 2023/24 and 2024/25.

A 4.5% increase in the medical aid allowance in 2022/23 which will be adjusted in line with the across the board increase in the subsequent two years.

The back-pay will be paid in two tranches - three months' back-pay on 15 November 2022, and three months' back-pay on 16 January 2023.

"Whilst the parties have not settled on this offer, engagements are ongoing. We would like to thank all stakeholders for their continued understanding and support during this process. The company remains committed to concluding the wage negotiations speedily and amicably, in the interests of employees, the company and the economy," the company said.