INDIA: The Sandvik Asia Employees' Union, affiliated to the IMF, recently reached a settlement with the employer, Sandvik Asia Ltd., following extended collective bargaining negotiations on behalf of the monthly and hourly paid workforce.
The three-year agreement is binding on both parties with effect on January 1, 2000, until December 31, 2002.
The main objectives of the settlement were:
- improvement in the wages and working conditions of the workforce;
- increasing the level of productivity;
- increasing versatility, flexibility and innovation;
- maintaining a spirit of cooperation in the interest of both parties.
Sandvik Asia, with its headquarters in Pune, is an offshoot of Sandvik AB of Sweden, a leading multinational in the field of machine tools.