The country's second largest auto manufacturer Hyundai Motor India (HMIL) today said it has signed a wage settlement valid for three years with its workforce.
The settlement, taking into account various factors, gave a pay increase of 21-24 per cent over a three year period to workers, the company said in a press release here.
The settlement was reached after handing over arrears for the last three months. The wage increase would immediately impact all 1,600 permanent technicians at the factory, it said.
This is the ninth wage settlement with the Workers' Committee since inception of HMIL in 1996, it said.
Besides a direct increase in wages, permanent workers would have a larger pool of Rs 40 lakh (up from Rs 30 lakh) for housing interest subsidy and new incentives linked to attendance, productivity and the quality of work.
The company claimed that with the increase in wages, HMIL workers become the highest paid technicians in the automobile sector.
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The workers were represented by the Workers Committee and it was signed directly between the Committee and senior management of HMIL. The company claimed that not a single employee was laid off due to the economic crisis.
Currently, HMIL operates three shifts in plant one and two shifts in plant two with total sales reaching close to five lakh units in 2008, the release added.