Yamaha signs 3-year wage settlement with employees union
The two-wheeler maker India Yamaha Motor (IYM) has signed a three year-wage pact with its internal employees union ‘India Yamaha Motor Thozhilalar Sangam’for its Chennai factory.
The settlement will be implemented with retrospective effect from April 1, 2019, and will remain effective until March 31, 2022. It will be applicable to all the permanent employees.
As per the three-year wage pact, employees would see an additional increase in their CTCs (Cost to the Company), depending on their productivity, level of the skill attained and experience during the period.
The two-wheeler maker said that wage structure is based on three parameters — individual performance, shop performance and plant performance which will not only improve the employee’s performance but also help in achieving company's production target at Chennai factory.
The development comes as a major relief for IYM, it had witnessed massive labour unrest last year which later escalated to other automobile makers in the Oragadam Industrial belt.
According to the company, the wage pact is a result of the continuous efforts made by both the IYM management and the internal union to build the trust with each other, maintain a cordial relationship and adopt a collaborative approach in order to establish a healthy work atmosphere for every staff at Yamaha.