Petrobras CEO: Wage Hikes of Last Decade are Impossible Today

Brazil's state-led oil company Petrobras is unable to give its workers the kind of pay raises that increased company salaries by about 50 percent in real, inflation-adjusted terms over the past decade, Chief Executive Pedro Parente said on Friday.

 

Petroleo Brasileiro SA, as Petrobras is formally known, is in annual pay talks with its unions, but Parente said that at least some of the employees understand the need for the financially troubled, heavily indebted company to limit pay increases.


(Reporting by Jeb Blount; Editing by Chizu Nomiyama)