2023-05-23 09:43:07 ET
Ecopetrol ( NYSE: EC ) said Tuesday it reached a four-year contract with seven labor unions , including the leading petroleum industry workers union, detailing pay increases for workers and social investment plans for applicable communities.
The new collective bargaining agreement will be retroactively effective from January 1, 2023, and remain valid until December 31, 2026.
Ecopetrol ( EC ) said workers will receive a raise of Colombia's annual inflation rate plus 1.5% for 2023 and inflation plus 1.6% for the following three years.
Colombia's consumer prices rose 13.12% in 2022, while the central bank's technical team has predicted 9.5% CPI for this year.
The deal will benefit 79% of the company's 9,500 workers, a spokesperson said.
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Ecopetrol secures new four-year labor deal with unions