Following the two day strike instituted by the Nokia India Employees Progressive Union (NIEPU) earlier this month, the management has agreed to revise the wages of its employees at its plant in Sriperambudur near Chennai.
According to the announcement, the revised wages will increase employee compensation by between Rs.6100 ($129) and Rs.10,000 ($211) based on seniority. The Sriperambudur plant produces between 500,000 to 800,000 handsets every day and stalling of work due to strikes could cost the company as much as $76 million per day. As part of the deal worked out between the management and workers, 48 employees who were earlier suspended have also been reinstated. The deal is expected to benefit 3826 employees in the company’s Sriperambudur plant.
Incidentally, Nokia stocks in NYSE (NYSE:NOK) have taken a tumble in the past day dropping by as much as 2.11%. The stocks have recovered in the pre-market though and is presently valued at 9.11.