India Yamaha Motor (IYM) Pvt Ltd on Thursday announced the completion of its long-term wage settlement for its Chennai factory with the company’s internal employees’ union ‘India Yamaha Motor Thozhilalar Sangam’.
After the massive labour unrest in the Oragadam Industrial area last year, the IYM management took several steps to establish a better communication with the employees and ensured regular communication is made with them to understand their concerns. The employees also came forward and used the opportunity to put forth their demands and participated in the discussions in a planned way without affecting the production targets.
The three year wage settlement will be implemented with retrospective effect from 1st April 2019 and will remain effective until 31st March 2022. The settlement will be applicable to all the permanent confirmed workers in Yamaha’s Chennai factory. As per the agreement, the employees would also be eligible to get an additional increase in their CTCs depending on their productivity, level of the skill attained and experience over the three year period. The settlement concept of wage fixation is basically based on three parameters - Individual Performance, Shop Performance and Plant performance.