Toyota Kirloskar Motor (TKM) and its Employees Union have officially ratified a new Memorandum of Settlement (MoS) addressing the Charter of Demand for the fiscal years 2024-2026. The agreement includes a direct wage increase of Rs. 16,000 over two years for mid-batch members.
The increase is an ex-gratia/bonus equivalent to 25 per cent of the annual gross salary, expanded medical insurance, and an interest-free loan of Rs. 8 lakhs for car purchases.
The signing took place in the presence of Manjunath G, additional labour commissioner, Government of Karnataka, senior management from Toyota Kirloskar Motor (TKM), and the Office Bearers and Executive Committee members of the TKM Employees Union.
Both parties have expressed a commitment to work based on Toyota’s core values and principles, emphasising mutual trust and responsibility to enhance flexibility, productivity and work-life balance while ensuring the production of high-quality products and services.
Over the past 25 years, TKM has valued each member’s opinion and contribution, fostering a stable environment and world-class working conditions. The joint efforts of the Union and management will enable TKM to take a significant leap with the introduction of a new plant (Plant-3) within the same campus, creating more job opportunities in Karnataka and aligning with the company’s vision of “Producing Mass Happiness for all.”
The management’s recognition of employee contributions through a 90-day bonus (25 per cent of annual gross salary) will motivate employees to contribute further to a harmonious work environment and the progress of both the company and its employees.
