After protesting for a total of 52 days, a section of workers at the Muthoot finance called off their strike as the management agreed to their demands.
The management agreed to reinstate all suspended employees of the company and increase their wages. An interim relief of Rs 500 has also been promised to all employees from October 1, 2019.
Speaking to TNIE, KN Gopinath, state secretary of CITU which supported the employees strike said, “We have called off the protest as the company has agreed to almost all our demands and we are satisfied. Mainly they have revoked the dismissal of 7 staff and revoked the suspension of 41 other employees.”
The company agreed to reinstate the sacked staff after they filed an appeal requesting the same. The management also agreed to disburse the blocked ESOP (Employee Stock Ownership Plan) benefits to the staff.
In a Facebook post on the issue, state labour minister TP Ramakrishnan said that all the staff will be back in service from Friday (October 11).
“The Muthoot management has agreed to the steps taken by the government to establish the final notification after preparing the primary notification to set the minimum wages of employees of non-banking finance institutions,” TP Ramakrishnan said.
The Minister stated that the labour department will also take measures to implement a certified standing order in the organisation following the strike. Standing orders are those orders which usually do not change except by agreement between the employer and workers.
The discussions between the labour union and Muthoot management took place in the presence of an observer appointed by the High Court.
The minister added that the labour department will also ensure that all employees will receive the blocked legal bonus that they are entitled to. A 25% annual increment will be allowed to employees with retrospective effect from April 1, 2019.
On August 20, the employees union of Muthoot Finance, under the banner of Non-Banking and Private Finance Employees Association (NPFEA), started an indefinite protest citing poor salary and denial of bonus among other concerns. Among the protesting employees of Muthoot, India's largest gold financing company, were those from the clerical department and lower ranks of the company’s hierarchy. Some who had been working in the company for over 2 decades also added that they were denied of a notable salary hike and bonus.
The company will also open all 611 branches in Kerala, which they shut them down following the strike.