Muthoot Finance employees' stir ends; all branches to open today
Kochi: A 52-day long strike by a section of employees at Kerala-based Muthoot Finance Company ended on Thursday following discussions between the representatives of management and trade union in the presence of an advocate commission appointed by the Kerala High Court.
State Labour department said the management has accepted in-principle the demand by the employees for a hike in their salary and other benefits.
All branches of the finance company will resume operations from Friday. Following the strike, the management also decided to cancel the suspension of 41 employees. Minister TP Ramakrishnan in a Facebook post stated that an interim relief of Rs 500 will be given to the employees. Muthoot management will also approve the government’s order to determine the minimum wage of the employees in non-banking financial enterprises.
The management has also assured that no disciplinary action would be initiated against those who participated in the strike, the Labour department said.
Kerala-based Muthoot Finance Company had been facing protests by a section of employees supported by CITU demanding revised salary structure and other benefits.
The management had threatened to close down the affected branches in Kerala,alleging the strike was launched by some vested interests.
The Centre of Indian Trade Union (CITU)-supported striking employees had hit out at the management, saying its alleged anti-labour stance was the reason for the agitation.
(With added inputs from PTI)