Hyundai Motor India Limited (HMIL), on October 18th 2012 announced that it had successfully completed the wage settlement negotiations with the United Union of Hyundai Employees (UUHE). It further said that the three year wage settlement with UUHE will come into effect from April 1, 2012 and will remain valid till March 31, 2015.
As per the settlement, the increase in wage ranges from Re. 11,000 to Rs. 13,000. However, this does not include several components like the dearness allowances, which is variable and other welfare benefits. The agreement also highlights that the increase in wages would be in two phases with 40 per cent of the employees getting an increase in their wage in the very first year followed by 30 per cent in the next two years. This wage increase comes after Maruti Suzuki India, the largest passenger car maker of the country, too decided to increase the wages of its employees post violence at its Manesar plant.
