At the end of 2015, Pemex management reached an agreement with its union to raise the retirement age of some of its employees and a change in scheme to fund the retirement scheme of new workers. The Treasury also gave capital to Pemex to reduce this liability in the previous administration.
The labor liability
But the current federal administration has reversed some of these changes as part of the closer relationship it has formed with the company in recent years. As of the last second quarter – the oldest data – Pemex had a labor liability of 1.34 billion pesos, a third of the company’s total liabilities that amount to 3.85 billion pesos. The first amount has not suffered major changes – 4% – so far in the six-year term, but it has not been reduced to help liquidity and improve the financial status of the oil company.
Labor liabilities include long-term payment obligations related to the defined benefit plan of Pemex employees.
The state oil company has also undertaken a “job stability” program for its temporary employees, which could explain part of the big jump that is planned for next year, according to analysts. This program includes new retirements, promotions and basification of temporary personnel. According to information from the presidency, until the first quarter of This year the company had given a position to 14,429 temporary workers.
Pemex has also begun adding base employees to the Dos Bocas refinery, although it is not yet operating commercially, according to some sources within the company. The Ministry of Energy has said that the complex will operate with around 1,200 employees, although the expenditure budget does not give further explanations in this regard and does not include an item for start-up.