Colombian state-controlled oil company Ecopetrol today agreed to a salary increase that will end its labor dispute with the petroleum workers union, the company announced.
Described as a new “collective labor convention,” the Bogotá-based company said the new deal with the Petroleum Industry’s Workers Union (USO) will last through the end of 2022, including retroactive benefits dating back to July 1 of this year, and includes a worker salary increase of the inflation rate plus 1.21% in 2018.
In the subsequent years of the deal, the raise will be even larger, providing for a salary jump of the inflation rate plus 1.7%.
Ecopetrol noted that the agreement to end the labor dispute also includes provisions related to healthcare, education, transportation, loans, and other benefits.
Labor negotiations ramped up in intensity earlier this month when workers mounted on short-term strike that the firm said affected 19 drilling rigs at its large La Cifa-Infantas Oil Field.
“The agreement was signed in the last few hours for the benefit of the workers, the company, and the country,” said Ecopetrol in a statement.
(Photo credit: Ecopetrol)