Brazil’s central bank proposes 22% increase to employees amid strike for higher wages

Brazil’s central bank proposes 22% increase to employees amid strike for higher wages

12 May    Finance News

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BRASILIA — Brazil’s central bank presented to the Economy Ministry a proposal for a 22% raise for its employees starting in June amid a strike for wage increases, according to an internal statement on Thursday.

Two sources from the Economy Ministry confirmed the request on condition of anonymity. One of them stressed that it would be analyzed by the management area of the ministry before having its budget viability studied by the Treasury.

The central bank said it would not comment on the matter.

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The proposal represents an improvement from the 5% increase mentioned by central bank chief Roberto Campos Neto in a previous meeting with workers’ representatives.

The 5% salary bump would be granted to all civil servants, amid loud complaints from other categories, including tax auditors and police officers. Many public employees have not seen their wages rise in years and protests have taken place as double-digit inflation erodes purchasing power in Latin America’s largest economy.

The central bank workers’ strike began in April. It was suspended amid negotiations but resumed after the employees found the proposals unsatisfactory.

Because of the strike, some economic data from the central bank were halted, including its Focus survey of economists with estimates for variables such as inflation and interest rates. (Reporting by Marcela Ayres; Editing by Sandra Maler)

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