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.”
Go deeper with GlobalData
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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
