Cobre Panama conducts voluntary retirement day for employees

Panama, December 16, 2023 – Cobre Panama has invited more than 2,500 employees to participate in the special voluntary retirement program announced on December 4 of this year. The event took place today in Panama City and its objective is to give employees the opportunity to take advantage of this option offered by the company. This is a direct result of the decision of the Supreme Court of Justice regarding Cobre Panama.

During the event, representatives of the Ministry of Labor and Labor Development (MITRADEL) were present to provide information and answer questions from employees, thus ensuring full compliance with the country’s labor laws.

Likewise, the Unión de Trabajadores de Minera Panamá (UTRAMIPA), the majority workers’ union, also participated in the session after signing an agreement with Cobre Panamá to open this special voluntary retirement program for those collaborators who wish to request it. This option consists of a mutual agreement, which includes the payment of all the money legally owed, expressing the company’s support to the more than 2,500 collaborators who have accepted this voluntary retirement call.

The special voluntary retirement program will include the payment of all labor benefits established by law, which are: accrued vacation, accrued thirteenth month, seniority premium and 100% of the severance pay calculated in accordance with Article 225 of the Labor Code.

Until there is a clearly established roadmap from the government, it will not be possible to determine how many employees will ultimately be able to continue working in the company to implement environmental stabilization and asset integrity (non-operational) measures, a key factor in avoiding future environmental disasters.

Cobre Panama reiterates its willingness to engage in an open and constructive dialogue to address these and other concerns.

To learn more, visit transparenciacobrepanama.com.