Hyundai Motors India hikes wages of employees 45% and Maruti Suzuki announces 50% hike
This new wage policy will be effective from April 2012 and will be in effect till March 2015. The average hike in Hyundai will be at 14,283 a month per worker and will be split for three years in a proportion of 40% for the first year and 30% for the next two years.
Conversely where Maruti Suzuki was concerned the wage hike was Rs.14,341, split in the ratio of 80% for the first year and 10% each for the subsequent years. Maruti Suzuki and Hyundai Motors also offers benefits to workers for housing finance subsidy. Hyundai has increased fixed pay while reducing the variable pay from Rs.5,000 to Rs.3,000 while assuring more cash to technicians of Hyundai Motors. Besides this wage hike, employees will also receive medical insurance for which employees will not need to contribute. This benefit has increased from Rs.1 lakh to Rs.2.5 lakhs while in the case of critical illnesses the limit is raised to Rs.6 lakhs. Housing loan interest subsidy, heat and hazardous allowance and night shift allowances have also increased. The new Maruti Suzuki Alto was launched for the Indian auto market.