Its closure is set to affect some 40,000 jobs in all, because the factory jobs are linked to many ancillary units that employ unorganised workers
Putting an end to the uncertainties over employee settlement at the Ford India factory at Maraimalai Nagar near Chennai, after more than a year and over 68 meetings, the company has arrived at a final severance deal with the union.
Under the agreed settlement, the company will revise the final severance pay to an equivalent of 140 days of gross wages per completed year of service, higher than the previous offer of 130 days. An additional one-time lump sum of Rs 1,50,000 will be included in the final settlement. The cumulative severance for each employee will range from a minimum of Rs 34.5 lakh to a maximum of Rs 86.5 lakh. This will translate into an average of Rs 44.8
First Published: Sep 21 2022 | 8:21 PM IST