Two-wheeler maker India Yamaha Motor (IYM) has concluded a three-year wage agreement with the India Yamaha Motor Thozhilalar Sangam, internal union of workers.
The three-year wage settlement would be implemented with retrospective effect from April 1, 2019 and would remain effective until March 31, 2022, the company said in a statement, here on Thursday.
The settlement will be applicable to all the permanent workers at Yamaha's Chennai factory.
As per the agreement, employees would also be eligible for an additional rise in their cost to the company (CTC), depending on their productivity, level of the skill attained and experience over the three-year period.
The wage fixation is based on three parameters -- individual performance, shop performance and plant performance. It will not only improve the employee's performance but also contribute in achieving company's production targets from Chennai factory.
After the massive labour unrest in the Oragadam Industrial area last year, the IYM management took several steps to have better communication with employees and ensured regular communication with them to understand their concerns.
Employees also came forward and used this opportunity to put forth their demands and participated in the discussions in a planned way without affecting the company's production targets, the statement added.
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