Pfizer, the pharmaceutical company, has announced the job severance package for the employees of its Chennai and Aurangabad units, which are set to close down. This will affect a total of 1700 employees.
As per the details of the package offered, 75 days of wages will be paid for each year of service with the company, rounded off, subject to a minimum of six months’ pay. Notice pay, leave encashment, statutory bonus, gratuity, an ‘early bird’incentive of Rs 7 lakh, as well as a group participation incentive, form part of the package.
The statutory benefits are offered in addition to a compensation of 15 days’ wages for each completed year of service.
The employees were informed last week about the plan to shut down the units. The staff will be allowed to take their personal belongings as per scheduled group appointments.