India Yamaha Motor (IYM) Pvt Ltd has signed a long-term wage settlement with the company’s internal employees union ‘India Yamaha Motor Thozhilalar Sangam’ for its Chennai factory.
The company declined to give any details.
The three-year wage settlement will be implemented with retrospective effect from April 1, 2019, and will remain effective until March 31, 2022. The settlement will be applicable to all the permanent employees in Yamaha’s Chennai factory.
According to the agreement, the employees would also be eligible for an additional increase in their CTCs depending on their productivity, level of skill attained and experience.
The settlement concept of wage fixation is based on three parameters - individual performance, shop performance and plant performance.