Brazil labor court hands Petrobras workers victory in $4.5 bln wage spat Jun 21 2018 [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Reuters
Brazil labor court hands Petrobras workers victory in $4.5 bln wage spat | Reuters 3 Min Read BRASILIA (Reuters) - Brazil’s top labor court on Thursday ruled in favor of workers at state-controlled Petroleo Brasileiro in a wage dispute that could cost the world’s most indebted oil company up to 17 billion reais ($4.5 billion). Petrobras, as the company is known, may still appeal the Superior Labor Court’s ruling in the case, brought by oil workers seeking more pay. But the ruling points to gathering headwinds for the company, which settled a nearly $3 billion lawsuit with U.S. investors in January and is seeking to cut debt through a $21 billion divestment program. The case centered around Petrobras’ compensation policy since 2007, when it adopted the so-called Minimum Level and Regime Remuneration (RMNR) scheme. Workers argued that payments tied to special work arrangements, such as night shifts and hazardous work, should be excluded from an agreement on the wage policy. The ruling c
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