Employees of ST Microelectronics have accepted a revised package of austerity measures agreed between the company and the GWU in a series of 15 meetings.
A secret postal ballot was held over the weekend and the votes were counted at GWU headquarters this afternoon.
There were 620 votes in favour and 230 against.
This was the second vote on the proposed austerity measures. The original measures were resoundingly rejected by the workers. Of 542 who had cast their vote, only 29 voted in favour.
A 'yes' vote was crucial for the company to go ahead with new investment. A 'no' could even have led the company to leave Malta.
Sources said the new package cuts the total value of the austerity measures by 25 per cent. Whereas before, the effect on the take-home pay was going to be in the region of €355, the new package will see workers' salaries drop by €268.
The sources said that during the meetings the workers were told this was a do-or-die situation and they seemed to understand this.
The sources added there were mixed feelings among workers. While some obviously reacted negatively to being out of pocket by so much, others said it was better to lose €268 than be without a job.
The measures will also affect management, who will not be receiving any bonuses and other perks, including a five per cent increase a year.
FINANCE MINISTER WELCOMES VOTE
Finance Minister Tonio Fenech in a statement welcomed the outcome of the vote in favour of the agreement reached between the company and the GWU.
"This agreement will enable the company to invest in new advanced technology which will strengthen its viability in Malta. In this way, the jobs of these workers will be further secured," the minister said.
He pointed out that the company's decision to invest was taken after months of talks with the government and included government assistance for worker training.
The minister thanked the GWU for having negotiated better conditions than originally proposed and for having managed to convince the workers on its importance, for the company to stay in Malta.