The Hindu Business Line : Face-off at Bajaj Auto plant ends

The 10-month face-off between the management of Bajaj Auto Ltd and around 2,700 workers at its Akurdi plant has ended, with the former putting up a notice for a voluntary retirement scheme (VRS) and the workers' union signing a new wage agreement that is valid for one year with effect from July 1, 2008.

According to the terms of the contract, at least 1,100 workers must opt for the VRS which offers a maximum package of Rs 17.75 lakh payable partly as a lump sum and the remaining as equated monthly instalments for at most 120 months. The scheme is open till July 25, Mr C.P, Tripathi, Vice-President (Corporate), said.

Those who choose to stay have been given a monthly wage hike of Rs 2,500 each. Two-wheeler production was stopped here last September. Once the number of workers opting for the VRS becomes clear, the company will resolve the issue of how those who elect to continue at Bajaj Auto will be accommodated, Mr Tripathi said. - Our Bureau

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