Setting new benchmark for wages….
Struggling with labour woes, Maruti Suzuki (MSIL) has hiked salaries of its
workers by an average of ~| 18000 per month (including the benefits and
variables) as part of the three-year wage settlement. The hike would
happen in a staggered manner with an increase of | 14800 for FY13E and
the rest in FY14E/FY15E by 10% each. The agreement would be apply
from April 2012 onwards. It is important to note that this hike is only
applicable to the permanent workers on the shop floor at the associate
level. Hence, the ambit of employees getting this hike is limited to
~2,700(Gurgaaon/Mansesar-2100/600) at present. The number will
increase to ~6,000 for FY14E, considering the increase in operations at
Manesar and regularisation of the work force. The hike is the highest ever
in the company’s history. However, the management has indicated that
the labour cost will stay at the levels of ~2.5% of the net sales for FY13E.
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