The country's second largest car maker Hyundai Motor India on Friday Oct 19,2012 said it will hike the salaries of its workers at Chennai plant by up to Rs 13,000 under a three-year wage settlement agreement.The three year wage settlement with UUHE will be implemented with retrospective effect from April 1, 2012 and will remain effective until March 31, 2015.
The wage increase ranges from Rs 11,000 to Rs 13,000, excluding components like the variable dearness allowances and other welfare benefits.The wage settlement agreement will cover 2,007 permanent workers at the Chennai plant.
Out of the total announced hike, the employees will get 40 percent of the wage increase in the first year and 30 percent each in the next two years.
Hyundai Motor India(HMIL) announcement to settle the wage agreement with workers comes within a month of rival and market leader Maruti Suzuki India (MSI) finalising a similar agreement for its workers at Gurgaon and Manesar plant, under which the employees will get an average salary hike of Rs 18,000 per month spread over three years.
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