Vale announced that it has successfully concluded contract negotiations with 14 labour unions representing 40,000 employees in Brazil including employees at the Onca Puma nickel project.

The new two year deal was accepted by 87% of the membership.

Mr Cory McPhee vice president of corporate affairs at Vale Inco in a press release said that “In Brazil, the practice of companies and unions has been to sign one year collective agreements negotiated annually. The fact we were able to achieve a two-year agreement with an unprecedented level of acceptance speaks well to the confidence employees have in the future direction of the company.”

Alongside the two year contract employees continue to have a defined contribution pension fund plan and a performance based bonus system.

(Sourced from www.northernlife.ca)