India Yamaha Motor (IYM) Pvt. Ltd. on Thursday reached a three -year wage pact for its Chennai factory with the company’s internal employees union India Yamaha Motor Thozhilalar Sangam.
The three-year wage settlement will be implemented with retrospective effect from April 1, 2019 and will remain effective until March 21, 2022, the company said in a statement.
The wage structure for the workers is based three parameters — Individual Performance, Shop Performance and Plant Performance, it added.
The wage settlement will apply 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.
Last year, the company faced a massive labour unrest, as a section of workers went on strike demanding higher wages.