Muthoot Finance strike ends

An indefinite strike by employees of Muthoot Finance, a leading gold finance firm, has been called off.

According to sources, the employees called off the strike after the management assured an interim increment of Rs. 500 and initiate pay revision measures soon. The management also agreed to revoke termination of eight employees and suspension of 41 employees who took part in the strike, CITU Kerala general secretary Elamaram Kareem, who participated in the talks, said

Representatives of management and employees signed an understanding in the presence of a representative appointed by High Court after the talks on Thursday.

Mr Kareem said that the labour department would initiate steps to vacate a High Court stay on a 2016 notification on minimum wages to NBFC employees and based on that pay revision would be implemented. The management also assured that no vindictive actions would be taken against employees who took part in the strike and all due benefits like bonus would be given.

Employees of Muthoot Finance was on an indefinite strike from August 20 raising various demands. As the strike prolonged the management threatened to close down all branches in Kerala. This led to law and order issues at many branches with trade union activists forcibly blocking the employees who turned up for work. The management had also announced closure of 35 odd branches in Kerala owing to the stir.

Representatives of the management said that all the branches would resume functioning from Friday, said Mr. Kareem.