Up to 2,000 jobs are set to go over the next two to three years as the company trims its 7,500-strong workforce. The pay agreement is set to be implemented on a phased basis, starting in June 2001. The company hopes that the redundancy arrangement and the changes currently under negotiation can be offset against the wage rises.
Commentators agree that the company was forced to settle.
This dispute had threatened to erupt in industrial action. It also had the potential to hinder major infrastructural development projects planned by the government, which are essential for further industrial and social development.