Gulf Oil and Gas accountACCOUNT

Gabon Unions Declare General Strike over Minimum Wage

Source: Reuters 2/11/2015, Location: Africa

Share |
Trade unions in oil producer Gabon declared an indefinite general strike this week, with state workers seeking a huge pay rise just as the government prepares austerity measures.

State workers are seeking to more than treble their salaries to 300,000 CFA francs ($517) at a time when President Ali Bongo is grappling with a sharp drop in oil prices. Oil accounts for nearly half of the gross domestic product in the Central African country.

The new minimum wage is far above the regional average and is nearly ten times the level set in neighbouring Cameroon, according to estimates by local media.

"On the salary issue, the government signed agreements with unions which expired in 2014 and were never put in place, said Jean Remy Yama Lendoye, a spokesman for the unions on Tuesday.

The general strike, which began on Monday and has no end date, is the first in years and pulls together more than 50 separate unions under umbrella group "Unitary Dynamic".

Residents in the capital said on Wednesday that the strike has already started impacting schools and medical services.

Bongo was elected in a disputed election in 2009 following the death of his long-ruling father Omar Bongo. Among his pledges were social projects designed to help spread out the former French colony's oil wealth more fairly among the 1.6 million inhabitants.

But many worry that social projects such as housing will be sidelined as austerity measures kick in. Already Bongo has announced measures to cut ministerial salaries and to remove some fuel subsidies in an effort to reduce public spending. It is not yet clear when they will take effect.

Financials and Investment News in Gabon >>

Australia >>  10/18/2017 - Norwest Energy NL has received irrevocable commitments from sophisticated and professional investors for a placement of up to approx. 250 million shar...
Norway >>  10/18/2017 - The shares purchased by DNB on behalf of Statoil ASA on 13 October 2017 for use in the group's Share Saving Plan have on 18 October 2017 been distribu...

Azerbaijan >>  10/17/2017 - SOCAR paid AZN 117 million 330 thousand to the State Budget for September of the current year. In general, for January-September 2017, SOCAR transferr...
Austria >>  10/16/2017 - OPEC crude for 2018 was revived up by more than 0.2 mb/d from the previous month to 33.1 mb/d representing an increase of 0.3 mb/d over 2017. ...

United Kingdom >>  10/16/2017 - NU-Oil and Gas plc was awarded Best Performing Share at the recent AIM Awards 2017. Best Performing Share is a factual award based on share price perf...
United Kingdom >>  10/16/2017 - BP Midstream Partners LP (“BP Midstream Partners” or the “Partnership”), a limited partnership formed by an indirect, wholly-owned subsidiary of BP p....

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gabon Oil & Gas 1 >>  2 | 3 |

More News

 

Oil & Gas Companies in Gabon >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.