SIEMENS TIES THE FOOTLOOSE WITH `LOYALTY'
Article Abstract:
In an attempt to ensure loyalty of executives who tend to switch jobs frequently, Siemens Ltd has worked out an attractive loyalty package for its senior management personnel. The new superannuation fund which replaces the old pension scheme, has a minimum qualification criteria of five years service. The superannuation fund for Siemens' 600 top executives will be built from a monthly deposit of an amount equivalent to 15 percent of the manager's basic wage and dearness allowance. The employee can encash his superannuation fund if he decides to quit after five years. Under the new scheme, a manager will be paid 33 percent of the accumulated severance fund when he quits his job while the remaining 55 percent will be made over as a monthly annuity via the Life Insurance Corporation of India. The package is likely to act as an incentive to perform better as every rise in the hierarchy and salary structure will give higher accruals in the superannuation fund. (tsm)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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WORKERS' STIR COSTS EYML Rs200 CRORE IN TURNOVER
Article Abstract:
It is estimated that the 70-day workers strike which ended on February 2, 1999 has resulted in a turnover loss of Rs200 crore in Escorts Yamaha Motors Ltd. The company, a joint venture between Escorts and Yamaha Motor Company to produce motorcycles, says that the strike has affected its marketshare which has declined to 18 percent from 27 percent. The company has projected a turnover of Rs700 crore in 1998-99 against Rs660 crore in 1997- 98. (khr)
Comment:
It is estimated that the 70-day workers strike which ended on February 2, 1999 has resulted in a turnover loss of Rs200 crore in Escorts Yamaha Motors Ltd.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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