Collective Bargaining 2016 – Press Release # 5
Cienaga, April 27th, 2016
Drummond would like to inform that during this week of collective bargaining negotiations with Sintradrummond, Agretritrenes and Sintramineros, the Company presented a new offer to these union organizations. This offer can be summarized as follows:
- Term of the collective bargaining agreements: 3 years
- Signing bonus: EIGHT MILLION EIGHT HUNDRED THOUSAND PESOS ($8,800,000) subject to the signing of the collective bargaining agreements without a strike
- Wage increase: 1st year: 6.80%; for the 2nd: CPI of 2016 + 0.05% and for the 3rd year: IPC of 2017 + 0.10%.
- Extra-legal bonuses: Remain the same (amount increases as a result of the wage increase)
- All benefits recognized to workers in cash are updated for the 1st year: 6.77%; for the 2nd and 3rd year they will be increased by the CPI for 2016 and 2017, respectively
- The in-kind benefits to workers remain the same
As you can see, NONE of the benefits for workers will be reduced, much less eliminated, by the Company.
Furthermore, the negotiating committees of the Company and Sintramienergética have agreed to officially initiate collective bargaining on April 26 of this year, therefore 20 days of direct settlement stage will go until May 15, 2016.
The Company reiterates its intention to reach collective bargaining agreements with all of the union organizations, bearing in mind the limitations that the current coal market imposes on the industry.
FOR MORE INFORMATION
Pablo Urrutia – Mobile 57 (318) 735-7445, Tel. 57 (1) 587-1000 Ext. 5809
Margarita Saade – Mobile 57 (316) 312-4180, Tel. 57 (5) 571-9300 Ext. 8581
Wilma Calderón – Mobile 57 (310) 287-6085, Tel. 57 (1) 611-5014