According to the Unitary Federation of Petroleum and Gas Workers, their peers and related workers in Venezuela (FUTPV), a new Oil Collective Agreement was achieved that anchors the minimum wage to the value of the Petro.
This becomes a key labor reference, since oil workers will go from earning $2.3 a month to $120, a significant improvement according to Venezuelan news website La Tabla.
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Nueva ConvenciĂłn Colectiva Petrolera ancla el salario al valor del #Petro. El ingreso mensual (salario+bonos de alimentaciĂłn y transporte ) pasarĂa de $2,30 a $120. La indexaciĂłn a la criptomoneda se convierte en referencia para el mercado salarial. pic.twitter.com/VRWg3rg9D8
— La Tabla (@latablablog) February 22, 2021
The convention sets a minimum salary at 82 million bolivars, food vouchers at 82 million and transportation vouchers at 50 million. This means the minimum income per month would be set at approximately 214 million bolivars, to be adjusted to fluctuations of the Petro.
El nuevo contrato comienza a encauzar positivamente la referencia de ingresos -el valor del trabajo en el mercado y apunta a recupera el poder adquisitivo del trabajador. El valor del petro para el momento de la discusiĂłn alcanzaba unos $56 al precio BCV. pic.twitter.com/boKGmWv0FX
— La Tabla (@latablablog) February 22, 2021
RELATED CONTENT: Salaries in Venezuela: Private Sector vs. Public Sector (II)
In turn, there are improvements in private health insurance that covers up to $10,000, funeral service of 100% of expenses, 30-day post-vacation bonus and the educational support plan increases scholarships for workers’ children by 12%.
SegĂşn la informaciĂłn publicada por los sindicatos petroleros en sus RRSS, el nuevo HCM alcanza hasta $10.000 y la cobertura del seguro funerario 100% de gastos. El bono post vacacional aumentĂł a 30 dĂas y el plan de apoyo educativo aumentĂł de 40 a 50 las becas. pic.twitter.com/E0elGV9XwI
— La Tabla (@latablablog) February 22, 2021
Featured image: President Maduro signing the new oil workers collective bargaining agreement. Photo courtesy of Prensa Presidencial.
Translation: Orinoco Tribune
OT/JRE/OH
