In another spate of protests against the Company, the workers of the Muthoot Finance Group have been gathering in front of the Company’s head office in Ernakulam, Kerela. The employees’ union plans to go on an indefinite strike from 2 January, 2020.
This comes in the wake of the employees’ protest, which ended on 10 October this year.
The Non-banking and Private Finance Employees’ Association (NPFEA) went on a 52-day strike earlier this year. They were primarily demanding that they be given better pay and better benefits, and that the suspended employees be reinstated.
The protest had been called off after the management agreed to their demands and put the suspended employees back on the rolls.
On 7 December, the employees received an internal mail stating that 43 of its branches will be closed. A small amount of money was also deposited in their accounts.
After the notice, it was hoped that the former employees of the closed branches would be transferred. Media reports had suggested that many branches were understaffed and needed employees. However, no such action was taken, and as a result, around 166 employees were suspended without any prior notice.
The leader of the union has reportedly stated that the suspension could be a backlash against the employees for their 52-day protest earlier in the year. As part of their demands, the employees had negotiated that the Group would take no retaliatory measures against them for protesting.
Media accounts suggest that the employees’ union is blaming the finance group alleging revenge. The reason for this allegation stems from the fact that the branches that have been closed down were in profit and were actually doing well. Most of the employees suspended come from poor economic backgrounds.