India Yamaha Motor (IYM), the two-wheeler manufacturer, recently entered into a three-year wage settlement agreement with the workers of its Chennai factory, reinforcing its commitment to the concept of ‘One Yamaha’. As per the agreement, the wage structure will be based on individual performance, shop performance and plant performance. The settlement, which will cover all permanent and confirmed workers, is to be implemented with retrospective effect from 1 April and will stay in effect till the end of March, 2022.
The agreement will give the employees an additional increase in their CTCs based on their productivity, skill level, and experience over the three-year period. It will also ensure that continuous efforts are on to train and upskill employees.
The agreement will only work towards establishing a healthy work environment and at the same time help grow the ‘One Yamaha’ concept within the organisation and amongst its workforce.
The agreement was thought of post the labour unrest that took place in the Oragadam Industrial area in 2018. The unrest drove home the importance of proper communication between the management and the employees. Since then, regular communication with the employees to understand their issues has been given importance at IYM.
The Union appears to be pleased with the management and has promised full support as far as fulfilling of targets and future growth is concerned.