During the January-March quarter, Mahindra & Mahindra (M&M) completed negotiations for three wage settlements with workers, reports The Financial Express.
VS Parthasarathy, group CIO and EVP – group M&A, finance and accounts, M&M, said, “There were three wage settlements in the fiscal fourth quarter, and all were of a regular nature. All wage settlements are for a definite period and are taken up for fresh settlement after such periods. We have 13 manufacturing facilities and the agreements are always separate for individual centres at different points of time.”
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The pending three-and-a-half-year wage settlement has been concluded with workers across the company’s 13 manufacturing facilities including Chakan, Nashik, Haridwar and Igatpuri facilities.
The settlements included a hike of INR9,000 (US$147) per month per worker over three years.
Parthasarathy said, “The wage settlements are part of labour engagement and are settled for specific periods and taken up at expiry. Mahindras have a cordial relationship with employees and fiscal year 2014 settlements were also carried out in that spirit without any special difficulty.”
