The Hindu Business Line : Kinetic Engg offers workers VRS

Auto components manufacturer Kinetic Engineering Ltd (KEL) has offered around 500 permanent bluecollared workers at its Ahmednagar unit a voluntary retirement scheme (VRS). Admitting that the slowdown in the auto sector coupled with the delay in the Nano launch is hurting the company, Ms Sulajja Firodia Motwani, Director, said: "We are hoping 150 workers will opt for the VRS." The scheme on offer involves upfront payment plus an annuity, and the amount that will be forked out as settlement will depend on the age of the workers who sign up for it, she added. Meanwhile, with stock exchange clearance for the merger of the auto component division of sister concern Jai Hind Sciaky into KEL having been received the company is awaiting court clearance for this.-Our Bureau

More Stories on : Manpower | Automobile Components

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Aloka Trivitron Chennai facility goes on stream

Tata Sons pledges 8.15% in Tata Motors; Bajaj Auto promoters 2.57%

Greed Inc.

Madras HC refers MRF lock-out issue to Industrial Tribunal

Rajus’ bail hearing on Thursday

Kinetic Engg offers workers VRS

Oil Ministry seeks Rs 13,000-cr bonds for Q4

RBI fiat on compliance certification

BEL, Boeing to set up analysis centre

Tatas in talks with Taiwan to set up Taj hotel in Taipei

SEW-Eurodrive facility near Chennai goes on stream

Siemens Building opens new centre in Chennai

Nichi-In signs pact with Jeevan Stem Cell Bank

Speck Systems teams up with Israel Aerospace Industries

GM says $1-b sourcing target will be difficult

Dunlop Sahagunj on lower scale