Ecopetrol Reaches Deal for new Collective Bargaining Agreement

(Ecopetrol, 23.May.2023 — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that on 22 May 2023, it reached an agreement with the Unión Sindical Obrera (USO) for a new Collective Bargaining Agreement. The new Collective Bargaining Agreement will be retroactively effective from 1 January 2023, and will be valid for a four-year term. In addition, agreements were also reached with the following labor unions: Asintrahc, Asopetrogas, Asteco, Sintramen, SUP and Utipec.

In relation to wages, the parties agreed: for 2023, an annual wage increase of Colombian CPI + 1.5%, and, for 2024-2026, annual wage increases of Colombian CPI + 1.6%.

The agreements also include a commitment to continue promoting diversity, equity, and inclusion with a gender focus in the workplace, and to improve the well-being of workers, while also complying with criteria based on reasonableness, austerity and efficiency. The parties also agreed to allocate resources for social investment projects and energy transition forums.

Ecopetrol acknowledges the commitment and professionalism of the negotiating teams, all of whom contributed to the success of a new Collective Bargaining Agreement, which will improve the vompany’s sustainability standards and the welfare of its workforce and contribute to the development of the country.


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