Yamaha signs 3-year wage settlement pact with Chennai plant workers

Two-wheeler maker India Yamaha Motor (IYM) Pvt Ltd on Thursday said it has signed a three-year wage settlement agreement with its workers at Chennai factory.

The pact will be implemented with retrospective effect from April 1, 2019, and will remain effective until March 31, 2022, the company said in a statement without sharing the details of hike in the salaries of the workers.

The agreement has been signed between the management and the company's internal employees union 'India Yamaha Motor Thozhilalar Sangam', it added.

The company had faced massive labour unrest last year and has since been working to sign a wage settlement agreement.

Commenting on the development, Yamaha Motor India Group of Companies Chairman Motofumi Shitara said, "It is a significant achievement for the company and a major boost to the confidence of our employees at the shop floors."