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26 July, 2005
Brazil’s FUP oil workers’ union won an increased profit-sharing plan for 38,000 workers prior to launching a planned five-day strike recently against state-owned Petrobras. The overall profit-sharing awards were increased from US$268 million to US$285 million, with both the floor and the ceiling increasing. Petrobras workers who earn less will now get a higher share of profit-sharing earnings as the floor was increased by 26.9%. The ceiling of the plan is now 2.5 times the floor payment.