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Pfizer offers severance package to employees of Chennai, Aurangabad units

The package offers statutory bonus, gratuity and a compensation of 75 days' wages for every completed year of service. An early bird incentive of Rs 7 lakh has also been offered

Gireesh Babu  |  Chennai 

Photo courtesy: Reuters
Photo courtesy: Reuters

Pfizer, the US-headquartered pharmaceuticals entity, has sent details of its job severance financial package to staff at its facilities at Aurangabad, Maharashtra, and Irungattukottai, 40 km from Chennai.

Both facilities are being shut. Around 1,000 employees at Irungattukottai and another 700 in Aurangabad are expected to be affected.

A spokesperson said, “An attractive financial scheme that is significantly higher than the legal requirements has been offered to colleagues. We are not able to provide additional details at this point.”

According to details of the package offered, reviewed by this publication, 75 days of wages will be paid for every year of service with the company, with details on rounding off, subject to a minimum of six months’ pay. Also, notice pay, leave encashment, statutory bonus and gratuity. An ‘early bird’ incentive of Rs 7 lakh, with a group participation incentive, has also been offered.

ALSO READ: Aurangabad, Chennai plants may be sold, not shut: Pfizer tells employees

The statutory benefits would be in addition.

The company sent a communication to employees last Tuesday on the shutdown plan, on January 8. Personal belongings, based on scheduled group appointments, may be taken from the work sites from Monday.

First Published: Sun, January 13 2019. 23:24 IST