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Financial News: PETROBRAS: Labor Court Decides Against The Company In

PETROBRAS: Labor Court Decides Against The Company In R$ 15.3 Bln Lawsuit

06/22/2018 - 19:40:00 (RTTNews)

(RTTNews) - Brazil's Higher Labor Court (TST) convicted the state-owned oil company Petrobras in a dispute with employees that has a cost estimated by the company at R$ 15.264 billion (US$ 4.03 billion). The judicial dispute, decided in a 13-12 vote, refers to the revision of the criterion of calculation of the Complement of the Minimum Remuneration by Level and Regime (RMNR).

The RMNR was adopted in 2007 and corresponds to minimum remuneration values,established in specific tables, using as parameters the level of the salary table, the regime, condition and geographic region of the work.

Petrobras' employees contend in court that the includes in the RMNR the calculation base for night work, hazardous and special work conditions. They argue that the values should be excluded from the calculation basis, which would cause Petrobras to make an additional payment in order to comply with RMNR.

In a statement, the company informed that the conviction would not represent immediate financial impacts in its balance sheet, since part of the amounts were provisioned and the company should evaluate, after the publication of the ruling, whether measures could be taken in favor of its interest and investors.

"The understanding of Petrobras is that RMNR respects the remuneration differences of each regime and working condition, as well as contemplates additional ones provided by law and those agreed in Collective Agreement," the company said in a statement.

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