Hyundai hikes worker's wages by up to 50 per cent
Last Updated at
- 01:58 pm, October 19, 2012
The hike will be effective from 1 April 2012 and will remain active until 31 March 2015.
Back in September, the troubled carmaker Maruti Suzuki India Ltd raised the monthly wages of its workers at the Gurgaon unit by up to 75 per cent or up to Rs 18,000 as a part of three-year wage settlement. In the process, the Maruti Suzuki's workers officially became the highest paid in the manufacturing sector in the country. And now following the Indian carmaker's footsteps, Hyundai Motor India have signed its wage settlement agreement, hiking wages by up to 45 per cent or by up to Rs 14,283 applicable for the next three years.
Under the wage settlement agreement with the United Union of Hyundai Employees, the hike will be effective from 1 April 2012 and will remain effective until 31 March 2015. The hike of up to 45 per cent will be split between three years in the proportion of 40 per cent in the first year and 30 per cent for the next two years.
Furthermore, Hyundai has increased fixed pay and reduced the variable pay (incentive scheme amount) from Rs 5,000 to Rs 3,000, guaranteeing more cash to the company technicians.
For a capacity of 6.8 lakh cars per annum, Hyundai has manpower of 2007 technicians. And industry experts said, Hyundai India has historically had issues in the past with the Unions, this agreement is likely to address the issues in the short to medium term.
First Published on 01:58 pm, October 19, 2012
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