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Walmex, labor union CROC agree on wage hike

Wal-Mart de México SAB de CV has signed an agreement with a labor union to raise the salaries of Walmex workers, avoiding a strike scheduled for March 20, Reuters reported March 14, citing company statements.

Under the agreement with the Confederación Revolucionaria de Obreros y Campesinos, or CROC, the Walmart Inc.-owned retailer will offer employees an average annual increase of 5.5% and an annual bonus tied to store performance, the report said.

CROC was previously seeking a 20% pay raise, Reuters added.