The country was able to breathe a sigh of relief yesterday as major strike action which would have disrupted the country was averted.
After 30 hours of conciliation talks with Labour Minister Jennifer Baptiste-Primus and Petrotrin president Fitzroy Harewood, the Oilfields Workers' Trade Union (OWTU) pulled back from strike action after its leader, Ancel Roget, accepted an interim five per cent wage increase.
This increase, which will be applied immediately to the salaries of Petrotrin workers, will cost taxpayers' $80 million annually.
Conciliation talks will continue at the Industrial Court with a completion date set for February 28.
It was agreed backpay will be paid over a mutually agreed period.
With this agreement in place, the OWTU withdrew its strike notice and the second collective bargaining period for 2014 - 2017/2018 period will also be subject to conciliation talks at the Industrial Court.