The agreement was negotiated in six weeks and calls for a salary increase of 4.25% and a 1.6% increase in benefits.
The agreement was reached 15 days prior to the previously established deadline, Pemex CEO Jesus Reyes Heroles Gonzalez said in a speech, according to a transcript released by the company.
Pemex has thus avoided the threat of a strike from the union for the first time since 1991, according to the Pemex/STPRM statement.
The two-year agreement will take effect on August 1. Of the budgetary impact the salary increase will have through the end of 2007, 90% will be covered by savings generated by Pemex from January-June 2007, the statement said.
Pemex and STPRM also agreed on various ways to improve company productivity, including methods to evaluate union jobs relative to Pemex's needs, facilitate the relocation of personnel and ensure staff work efficiently, according to Reyes.
STPRM comprises of more than 100,000 workers, according to a report on CNNExpansion.com.
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