“The government has already taken the initiative to resolve the matter,” Kerala Chief Minister said when asked if the ongoing protest between the employees of the Muthoot Finance Ltd and the Muthoot management would affect Kerala’s tag of ‘investment-friendly state’. He said this at the weekly television show, ‘We, Forward’.
The employees union of Muthoot Finance, under the banner of Non-Banking and Private Finance Employees Association (NPFEA), started an indefinite protest on August 20. The employees of Muthoot, India's largest gold financing company, have been protesting citing poor salary and denial of decent bonus, among others. While the Labour Minister, TP Ramakrishnan, tried to convene a meeting between the employees and the representatives of the management, in Thiruvananthapuram, the latter failed to show up.
“Both the parties must talk to each other and resolve the matter cordially. The government will provide any help required in this matter. The government had intervened when the issue started. Prominent people had tried to call. I had also requested the Muthoot management representatives to attend the meeting recently,” the CM said.
“Muthoot is a prominent organisation in India, something that Kerala can take pride in. The employees’ interest should also be factored in. The current employment environment in the country should also be taken into consideration. The employees and management must always maintain a strong relationship,” Pinarayi Vijayan added.
The union is backed by the Left-leaning CITU (Centre of Indian Trade Unions). Among the protesting employees, some work in the clerical department and some in the lower ranks of the company’s hierarchy. Among those who have been working in the company for over two decades, some said they have not seen any notable hike in salary, others held that the company offers the best incentives and benefits.
Muthoot Finance also recently closed 15 branches in the state, although the reason for the closure has not been stated. The management stopped granting fresh gold loans since September 4 and gave customers three months time to close their loan account and get back their ornaments.
Meanwhile, Minister Ramakrishnan will convene another meeting in Ernakulam on Monday, between the protesting employees, the management and CITU.