Financial Daily from THE HINDU group of publications
Monday, May 15, 2006
Financial Daily from THE HINDU group of publications Monday, May 15, 2006 |
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Industry & Economy
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Automobile Components Mico workers to withdraw stir Our Bureau
Bangalore , May 14 The employees' association belonging to the Mico's Bangalore factory has decided to withdraw the strike claiming that they have reached an agreement with the management on most of their demands. "We have more or less decided to withdraw the strike. We expect to make a formal announcement tomorrow," the association president, Mr VJK Nair told Business Line. He said the management has agreed to make permanent 354 temporary workers in a phased manner. On the issue of disparity over employees' benefits, Mr Nair said it was mutually agreed between the company and the employees that the management will write off most of the loans taken by the employees from the Mico Contributory Benevolent Fund. The management has also decided to pump in additional money into the fund, Mr Nair said. Last week, the association issued a strike notice to the Mico management stating that if their demands are not met, they will go on strike from May 16.
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