The staff of Muthoot Finance, a Kerala-based finance firm, called off a 52-day long agitation after discussions with the management in the presence of an advocate commission appointed by the Kerala High Court. All branches of the finance company across the state of Kerala have now opened and work has resumed. It is reported that the management has, in principle, accepted the demands of the employees, which includes salary increments as well as other benefits.
The 41 staff members who had been suspended by the management earlier, following the call for strike, have been recalled. It has also been assured by the Labour Department that none of the participants in the strike will be penalised. A temporary cash relief will be given to the employees. The management of the finance firm will be lending its approval to the government’s order to fix a minimum wage for the staff of non-banking financial enterprises.
The employees supported by the Centre of Indian Trade Union (CITU) have been demanding a revision in salary structure along with additional benefits. However, the management had not paid heed calling the agitation a mastermind of those with vested interests. In fact, in response to the agitation, the management had issued a threat to altogether shut down the impacted branches in the state. The employees, who were backed by CITU, raised their voices against the Company’s labour unfriendly policies.