According to Bloomberg article published on May 22, 2023, Ecopetrol (ECO.CN), Colombia's state-run oil company, said late on Monday it has reached a four-year contract deal with seven unions, laying out pay hikes for workers and social investment plans for adjacent communities.
The deal with Petroleum Industry Workers Union (USO) and smaller workers groups Asintrahc, Asopetrogas, Asteco, Sintramen, SUP and Utipec is valid from Jan. 1 this year until Dec. 31, 2026, Ecopetrol said in a statement.
Workers will receive a raise of annual inflation plus 1.5% for 2023 and inflation plus 1.6% for the following three years, the company said.
Colombia's consumer prices rose 13.12% in 2022, while the central bank's technical team has predicted a figure of 9.5% for this year.
"The deals include improvements in the labor conditions of workers, the commitment to continue to promote diversity, equity and inclusion with a focus on gender," Ecopetrol said.
The deal will benefit about 79% of the company's 9,500 workers, a spokesperson said.
In a statement posted on Twitter, the USO union lauded the total pay hike of 14.62% for this year and an increase in social investments in communities that are based near the company's establishments.
