Mexico's Pemex Agrees to 3.17% Pay Increase for Oil Workers' Union

Reuters

MEXICO CITY, July 20 (Reuters) - Mexico's state-owned oil company Pemex has signed a one-year agreement with the country's oil workers union that boosts pay by 3.17 percent, the firm said on Wednesday.

The pay hike will take effect on August 1, the company said in a post on its Twitter account.

Pemex was not immediately available for further comment.

In February, Pemex announced that it would cut its 2016 budget by nearly $6 billion as a consequence of two years of slumping crude prices. The company has also sought to trim its payroll through attrition.

Pemex employs about 140,000 workers, most of which are members of the union.

(Reporting by David Alire Garcia; Editing by Diane Craft)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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