Chilean companies Banco de Chile and ENAP reach major labor agreements

Major Chilean institutions have reached significant labor agreements involving substantial bonuses and structural changes.

Banco de Chile and its primary unions, representing over 6,200 employees, signed a salary pact effective from 2026 to 2029. The agreement includes a gross negotiation bonus of 5.8 million pesos per employee. Additionally, workers will see permanent monthly salary increases, higher allowances for transportation and meals, and increased soft loan limits up to 6 million pesos. The deal also modifies holiday and Christmas bonuses and doubles the annual fund for voluntary retirement for long-tenured staff.

Separately, the state-owned energy company ENAP has distributed bonuses ranging from 2.5 to 5 million pesos to approximately 653 workers. These payments are part of the ‘Operational Excellence’ project, a restructuring initiative prompted by an organizational audit from Boston Consulting Group. The restructuring aims to resolve overlapping roles and undefined responsibilities. ENAP reported that while the benefits cost nearly 6 million USD, the program is expected to yield up to 50 million USD in returns through improved operational reliability and optimized maintenance.