Exide Industries Ltd, a manufacturer of lead acid storage batteries and provider of power storage solutions, has announced that the company management and the union have entered into a total of six ‘settlement agreements’ related to salary and wages.

The union, after submission of a letter of demands for hike in salary and wages and negotiations with the management, has arrived at a ‘settlement of agreement’, which will be of three years’ duration, said a statement from the Maharashtra Labour Union.

According to the statement, the highlights of the agreement are: directly and indirectly, the hike in salary and wages will range between Rs 7,000 and 7,500, clubbed with the concent of retrospective effect in arrears. Each employee will be paid 20 per cent sum as bonus, Rs 3,600 as ex gratia payment and Rs 1050 as addition award.

Other perks will include an educational encouragement allowance, medical facility, death benevolent fund, retirement fund, labour welfare fund and so on, the statement said.