Chennai Ford Tamil News: The plant of the American Ford company is operating in the city of Karamalai near Chennai. Last year, Ford announced its exit from India. Subsequently, it also announced compensation to the employees. However, since May 30, the Ford plant workers have been protesting for adequate compensation. This affected the production in the plant.
Later, as only a section of the striking employees returned to work, car production resumed at the Chennai Ford plant in double shifts from June 14. Ford also announced that it has decided to extend production until the end of July.
In this case, the Chennai Ford Company has announced that its factory union has agreed to pay the final severance pay to the workers.
In a press release, Ford said, “Since the business restructuring was announced last September 2021, Ford has continued its efforts to negotiate a fair severance package and is pleased to have reached a settlement with the union.
As per the agreed settlement, the company will provide a final severance payment equivalent to 140 days gross pay for a completed year, up from the current offer of 130 days. An additional lump sum of Rs 1.5 lakh will be added to the final settlement. Cumulative severance pay for each employee shall be a minimum amount of Rs. 34.5 lakhs and a maximum of Rs. 86.5 lakhs. (i.e. calculated as Rs. 44.8 lakhs per employee on an average basis.).
The revised settlement is calculated as an average of 5.1 years / 62-months salary for each employee (minimum 3.9 years i.e. 47 months to maximum 8.7 years i.e. 105 months).
A formal settlement agreement is scheduled to be executed by the end of this month (ie, September 2022). The company will inform employees of the next steps and look forward to completing the exit procedures by September 30, 2022. The company will continue to pay all employees until September 30, 2022 to support the exit processes. Also, the union and the Tamil Nadu government and labor authorities are grateful for their support.” reported that.
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