Categories: Business

Ricoh Auto fired 119 permanent employees, senior manager of IDFC First Bank to take 10% less salary

Photo: GOOGLE

Rico Auto lays off 119 permanent workers from Dharuhera plant

new Delhi. On May 22, Ricoh Auto Industries, which manufactures auto components, fired 119 permanent employees of the Dharuhera plant in Haryana. The company said in a briefing to the stock market that voluntary retirement scheme (VRS) was introduced in October 2019 for permanent employees at Dharuhera plant to make the workforce rational as per the business demand. However only 42 out of 208 had availed the VRS scheme.

But to keep the plant running, the company needs to reduce its workforce further. So the company has laid off 119 more employees. The company said that all these employees would be paid compensation under Section 25C of the Industrial Disputes Act-1947. Ricoh supplies parts for various two-wheeler and four-wheelers.

Senior Manager of IDFC First Bank to be taken 10 Percentage less salary

In view of the impact of Kovid-19, senior managers of private sector IDFC First Bank have announced to voluntarily take 10 percent lower salary. The bank's chief executive has also accepted a 30 percent reduction in his salary. The bank said in a statement on Monday that its senior management officials have voluntarily announced 10 per cent lower salary in the current financial year.

Bank managing director and CEO V. Vijayanathan has also cut his salary by 30 percent. The bank also talked about retaining all employees. It also includes newly recruited employees before the epidemic. The bank has also paid 100 per cent variable pay to 78.2 per cent of its employees for the remaining period of 2019-20, despite the Kovid-19 epidemic. The bank has contributed Rs five crore to PM Cares.

This post was published on May 25, 2020 11:20 pm

Content Team

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