Raymond hikes VRS package for Thane workers to Rs260 crore news
22 October 2010

Raymond Limited has agreed to raise the amount to be paid to workers under the voluntary retirement scheme from Rs150 crore to Rs260 crore to reach an amicable settlement with the workers union. The VRS involves 1,885 workers of its Thane textile factory, which suspended operations in November 2009.

The total package, worth Rs260 crore, will be paid in two parts - the first part of Rs150 crore would be disbursed to the workers immediately, while the balance Rs110 crorewould be disbursed after three years.

Jitendra Joshi representing the workers' union, Kamgar Utkarsha Sabha, and KA Narayan, president - HR, Raymond Limited, signed the agreement today.

"We are relieved that we could provide the workers a good VRS settlement package. The Raymond management, like in the past, has been considerate in agreeing to this Rs260-crore package. We are confident that this will guarantee a bright future for the workers," Joshi said after signing the agreement.

"Raymond Limited believes in protecting the interests of all its stakeholders, including employees. In all their decades of association with the company, the workers of the Thane textile factory have been provided with one of the industry's best wages and benefits. This spirit of employee benefit has been the guiding force of our negotiations with the workers on their VRS settlement package as well," Gautam Singhania, CMD, Raymond Limited, said.

"While our initial offer of Rs150 crore was in itself one of the best in the Indian textile industry, we've agreed to an additional payment of Rs110 crore to be paid after three years, keeping in mind the future interests of our workers," he added.

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Raymond hikes VRS package for Thane workers to Rs260 crore