Source Pravda.Ru

Oil Company Disastrous For The Budget

Pemex, state-owned top foreign oil provider to the United States contributing about one-third of government revenues, could avoid labor strike by reaching a wage increase agreement on Sunday night.

The agreement, signed at a public ceremony by Pemex Director Raul Munoz Leos and Union leader Romero Deschamps, calls for a 5.5 percent salary increase and 1.8 percent increase in fringe benefits, retroactive to August 1.

Originally the 80,000-member union had asked for a 15 percent raise.


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