The three-year wage settlement will be implemented with retrospective effect from 1st April 2019 and will remain effective until 31st March 2022
India Yamaha Motors, with pride, announced the completion of its long term wage settlement for its Chennai factory with the company’s internal employees union ‘India Yamaha Motor Thozhilalar Sangam’. The major breakthrough is a result of the continuous efforts made by both the IYM management and the company’s internal union to build the trust factor with each other, maintain a cordial relationship and adopt a collaborative approach in order to establish a healthy work atmosphere for every employee at Yamaha.
The three year wage settlement seeks to be implemented with effect from 1st April 2019 and will remain effective until 31st March 2022. The settlement will be applicable 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 over the three year period. The settlement concept of wage fixation is essentially based on three parameters – Individual Performance, Shop Performance and Plant performance, which will not only improve the employee’s performance but also contribute in achieving company’s production targets from the factory.
“We are thankful to the State Government, the Labour Department and all our employees for extending their full support and cooperation in concluding the settlement agreement successfully. It is a significant achievement for the company and a major boost to the confidence of our employees at the shop floors. Yamaha has always valued the relationship with its workforce and has ensured their comfort and safety throughout. The agreement further reiterates our commitment of building a healthy working atmosphere within the company and nurture the concept of ‘One Yamaha’ among all.”, said Mr. Motofumi Shitara, Chairman, Yamaha Motor India Group of Companies.
Skill Development has also been given much impetus in the agreement wherein both the management and the union has agreed to continuously make efforts to encourage employees to upskill and participate in long term training & development program in order to excel in their roles and further contribute in achieving the company’s future business requirements. Apart from this, the company would be providing support to the employees through several welfare measures from time to time.