Five more years of labor peace in the Swiss watch industry is assured by a new collective agreement between its employers and workers. The pact affects 70% of Swiss watch companies and 80% of Swiss watch employees, or 31,000 workers in 400 companies.

The agreement was signed Jan. 22 in Neuchâtel, Switzerland, by the Swiss Watch Industry Employers’ Association (CP) and the Syndicate of Industry, Construction, and Services (FTMH). It caps 11 months of negotiations and 10 rounds of talks and is effective until Dec. 31, 2006.