Chennai, Feb 16 (IANS) The city based Rs.391-crore turnover Hinduja Foundries Ltd – part of the Hinduja group – Tuesday signed a new wage agreement that will lay off 300 workers through an early retirement scheme (ERS) or a voluntary retirement scheme (VRS).
“The wage increase per month at an average per worker will be around Rs.6,250. The agreement is linked to productivity. The workers have agreed to increase their productivity by 20 percent. The new wage agreement is valid till Jan 31, 2012,” the firm’s executive director (human resource) K. Ramesh told IANS.
He said the company plans to rationalise its headcount by 300 people through implementation of an ERS or VRS at its Ennore plant located here.
“Presently, the work force in our Ennore plant is around 1,700 persons. We plan to bring it down to 1,400,” he said.
He ruled out the possibility of redeploying the surplus workers in the company’s plant in Sriperumbudur.
“That plant is highly automated and is adequately staffed,” Ramesh added.
Besides Ennore and Sriperumbudur, Hinduja Foundries also has a plant in Hyderabad.