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Peruvian Miners Cancel Plans for Two-day Strike

Industry News 10:48:18AM May 14, 2012 Source:SMM

May 12 (Reuters) - Peru's federation of mining unions said on Saturday it had called off plans for a national strike on May 14 and 15 after the government implemented a law granting more retirement benefits to workers in the world's No. 2 copper producer.

"We've just had a meeting to suspend the planned show of force as the regulation of the retirement law was published today, so all the mining unions have suspended any action," Luis Castillo, the head of the National Federation of Mine, Metallurgical and Iron and Steel Workers of Peru, told Reuters.

The federation represents the majority of the country's mining unions.

The new law was approved by Congress in July of last year but hadn't yet been implemented. It creates a special retirement fund that will be financed by 0.5 percent of mining companies' annual income and 0.5 percent of workers' gross monthly salary.

The mining sector accounts for 60 percent of export revenue in Peru, the world's second largest producer of silver and zinc and its sixth largest gold producer.


 

Peruvian Miners Cancel Plans for Two-day Strike

Industry News 10:48:18AM May 14, 2012 Source:SMM

May 12 (Reuters) - Peru's federation of mining unions said on Saturday it had called off plans for a national strike on May 14 and 15 after the government implemented a law granting more retirement benefits to workers in the world's No. 2 copper producer.

"We've just had a meeting to suspend the planned show of force as the regulation of the retirement law was published today, so all the mining unions have suspended any action," Luis Castillo, the head of the National Federation of Mine, Metallurgical and Iron and Steel Workers of Peru, told Reuters.

The federation represents the majority of the country's mining unions.

The new law was approved by Congress in July of last year but hadn't yet been implemented. It creates a special retirement fund that will be financed by 0.5 percent of mining companies' annual income and 0.5 percent of workers' gross monthly salary.

The mining sector accounts for 60 percent of export revenue in Peru, the world's second largest producer of silver and zinc and its sixth largest gold producer.