New Delhi: Hyundai Motor India Wednesday said it has signed a wage settlement pact with workers of its Chennai plant, under which technicians will get an average salary hike of up to Rs 19,000 per month spread over three years.
"The three year wage settlement will be implemented with retrospective effect from April 2015 and will remain effective until March 2018," Hyundai Motor India Ltd (HMIL) said in a statement.
The wage settlement was signed between the company's management and the recognised union, the UUHE (United Union of Hyundai Employees), it added.
"As per the agreement, technicians will receive an average salary increase of Rs 19,000 per month spread over three years," the company said.
The technicians will receive 50 per cent of the increased salary in the first year and 25 per cent each in the remaining two years.
"This would mean a salary raise of Rs 9,500 a month will be given in the first year and Rs 4,750 a month in the second and third year respectively," it said.
Last year in September, Maruti Suzuki India had reached a wage settlement with workers of its Gurgaon and Manesar plants, under which employees got an average salary hike of around Rs 16,800 per month spread over three years.