LatinNews Daily - 16 October 2025

*Mexico’s state-run oil company Petróleos Mexicanos (Pemex) and its union, Sindicato de Trabajadores Petroleros de la República Mexicana (STPRM), have signed a collective bargaining agreement for 2025-2027, which includes a 4.5% salary increase for workers. The salary rise is above Mexico’s annual inflation rate, which was running at 3.76% in September, within the central bank’s target range of 3% +/-1%. While Pemex did not provide details as to the duration of the salary rise, Reuters cites an STPRM document as saying that it would be for one year. The newswire also said it was told by a union representative that the revision of the collective bargaining agreement also “included adjustments to benefits” and that both these and the salary increase would be retroactive to 1 August, although it notes that Pemex has yet to confirm these details.

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