Money & Banking

Muthoot Finance stir called off

Kochi | Updated on October 11, 2019 Published on October 11, 2019

The 51-day old strike at Muthoot Finance ended with the company management and the Muthoot Banking and Private Finance Employees Association reaching an agreement at a conciliatory meeting here.

By the agreement, all employees will get an interim wage revision of Rs 500 a month from October. The increment of employees will be given with retrospective effect from April and the Labour Department will ensure that the annual bonus for 2018-19 will be paid, a release issued by the trade union said.

The Kerala High Court had appointed Liji K.Vadakkedam as the mediator for the negotiations. It was also decided that all the employees who were suspended or dismissed from the service following the strike will be reinstated. All the 611 branches of the company will resume operations.

Published on October 11, 2019
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.