CANTV pensions ruling will stand, says Chavez

30 Aug 2005

Attempts by Venezuela’s largest telco, Compañia Anónima Nacional de Teléfonos de Venezuela (CANTV), to overturn a ruling on pension payments by the country’s Supreme Court have fallen on deaf ears, according to an Associated Press report. CANTV was last month ordered to adjust the pensions of 3,408 union members to reflect the country’s new minimum wage level, but said it may attempt to appeal the decision, fearing that the order will harm its bottom line. On Friday Venezuelan President Hugo Chavez publicly backed the Supreme Court ruling, which will cost CANTV around USD279 million, effectively ending the telco’s hopes of a reprieve.

Venezuela, CANTV