Insta
Amidst Worsening Slowdown, Ashok Leyland Rolls Out Employee Separation Schemes Over And Above Existing VRS
Representative image of an automobile factory in Pimpri, Maharastra. (Manoj Patil/Hindustan Times via Getty Images)
Commercial vehicle manufacturer Ashok Leyland has started to roll out employee separation schemes in light of the ongoing slowdown in the automobile industry, reports The Economic Times.
The two schemes which have been offered to employees till now are capped at Rs 30 lakh and Rs 60 lakh. The purpose of these employee separation schemes is to present an alternative for those employees who don’t wish to opt for the voluntary retirement scheme (VRS).
Employees who wish to opt for the new schemes have been told to intimate the company about their decision by the end of this month (August 2019).
The move is aimed at reducing labour costs and improve the company’s margins in the face of tepid demand. In a press meet held regarding the same, Chief Financial Officer and Wholetime director Gopal Mahadevan stated that the company wanted to save Rs 500 crore in operational costs this year by implementing a large-scale cost cutting programme.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
