After months of negotiations and intermittent unrest affecting production, Pune-based Bajaj Auto Ltd and its Chakan plant unions have finally reached a wage agreement under which the management has agreed to hike the wages by up to Rs 10,000 a month.
Under the revised wage agreement, permanent employees having been with the company for five or more years will get a wage hike of Rs 10,000 a month while those having spent three years or more will be given Rs 9,500 a month.
"We are happy that the Chakan union has agreed to our proposals on the wage hike, which we had come up with at the time we entered into negotiations with them," a company official said and confirmed the wage hike pact reached with its union.
The settlement was reached last week with the management and the Chakan plant employees' union, Vishwakalyan Kamgar Sanghatna. Under the settlement agreement, the management has also decided to convert the earlier Rs.12,000 annual attendance award for full attendance to Rs 1,000 a month, people in the company familiar with the matter said in Mumbai.
The new agreement will be effective retrospectively from 1 April 2013 for three years and ends the near 18-month uncertainty, which was marked by strikes and frequent labour unrest at the company's main plant at Chakan near Pune. Apart from the wage hike, the other major demand was the near-free allotment of Bajaj shares to them through an ESOP (employee stock ownership plan) agreement, which managing director and chief executive Rajiv Bajaj had vehemently opposed.
Significantly, the new wage agreement does not include the ESOP. Under the agreement, 60 percent of the revised wage will be part of the basic pay and the rest in allowances. Besides, the existing regular attendance bonus of Rs.480 has been revised and half of this (Rs.240) will be merged and the rest divided into weekly pay of Rs.60 each.
"In all, the minimum hike now stands at Rs.10,280 and the maximum at Rs.11,520 following the tweaking of perks and variables," a person from a union familiar with the matter said. Both the Bajaj management and the unions have also agreed to withdraw all cases related to Chakan plant within 15 days of the date of settlement.
The Chakan plant employs over 2,000, including around 900 permanent workers, and produces 1.2 million motorcycles, including the flagship Pulsar, the Avenger, the Ninja and the KTM brands, annually.
Bajaj Auto stock price
On August 18, 2014, at 14:15 hrs Bajaj Auto was quoting at Rs 2144.00, up Rs 9.05, or 0.42 percent. The 52-week high of the share was Rs 2363.90 and the 52-week low was Rs 1683.35.
The company's trailing 12-month (TTM) EPS was at Rs 112.16 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 19.12. The latest book value of the company is Rs 332.04 per share. At current value, the price-to-book value of the company is 6.46.
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