UOCRA and the Argentinean Chamber of the Building Industry (CAMARCO) agreed to a salary increase of 17% for the second half corresponding to collective bargaining negotiations 2016, plus 22% already applied to the first half, rounds up a non-cumulative annual salary increase of 39%. This second stage of collective bargaining negotiation, already approved by the Ministry of Labour, Employment and Social Security of Argentina and applicable to the different categories of our Collective Labour Agreement, will be implemented in two tranches: the first of 12% effective as from 1 October and the second 5% applicable as from January 2017. Taking into account its approval of 14 October 2016, salary adjustments for the first fortnight of October, must be settled and paid together with the second fortnight of said month. The agreement also provides for the validity of Resolution 242/16 related to the Extraordinary Business Contribution, whose completion is in the month of February 2017.
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