The management of metalworking company Dalekovod proizvodnja reported that an extension of the current collective agreement was agreed with its workers on Wednesday afternoon (March 21).

The deal will see the current agreement applied until December 31, with workers who went on strike earlier this month returning to their jobs on Thursday.

The strike, which started on Tuesday (March 13), came after negotiations on a new collective agreement fell through, and workers’ refusal of management’s proposal to lay-off all of its 580 employees so they could sign new contracts with a 20 percent pay cut and a loss of overtime pay, severance, and a host of other benefits .

The management said restructuring the company was still a priority and added that only a full implementation of the restructuring plan can guarantee sustainability of the company.