Home / Knowledge / News / Textiles / Raymond & Union reach deal on VRS settlement package
Raymond & Union reach deal on VRS settlement package
23
Oct '10
Raymond Limited, India's leading textile player is pleased to announce that it has arrived at an amicable solution to the VRS settlement package issue involving 1885 workers of its Thane textile factory, which suspended operations in November 2009.

The total package is worth Rs 260 crore, which is to be paid in two parts - the first part of Rs. 150 crore would be disbursed to the workers immediately, while the balance Rs 110 crore would be disbursed after three years.

Mr Hassan Mushrif, Honorable Labor Minister of Maharashtra witnessed the signing of the agreement between Raymond Limited and its workers' union, Kamgar Utkarsha Sabha. Mr KA Narayan, President - HR, Raymond Limited signed the agreement on behalf of the management, while the workers were represented by Mr. Jitendra Joshi in the signing of the agreement.

Mr Gautam Singhania, CMD, Raymond Limited said, "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.

While our initial offer of Rs 150 crores was in itself one of the best in the Indian textile industry, we've agreed to an additional payment of Rs 110 crores to be paid after three years, keeping in mind the future interests of our workers. "Despite suspending operations in the factory in November 2009 on account of high costs, we had continued to pay the workers their wages and other benefits to date. We are glad that the workers union and the Government appreciate this and have partnered us in resolving the VRS settlement package issue."

Commenting on this development, the Honorable Labor Minister of Maharashtra, Mr Hassan Mushrif stated, "Raymond Limited has contributed immensely towards the development of Thane. It has been generating employment to several families over more than five decades. We appreciate their developmental work not just through the factory but also through the school that they've established for the benefit of children in the locality.

We understand that the high costs had made the Thane factory operations unviable. We are happy that the Raymond management has been considerate in its approach towards settling the VRS package issue. We shall partner with the management in all the developmental initiatives they plan to undertake in the future for the benefit of the community in this region."

The Minister made an appeal to decrease the waiting period from three years, once the realty project takes off.

Mr Jitendra Joshi, President of the workers' union, Kamgar Utkarsha Sabha said, "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 Rs 260 crore package. We are confident that this will guarantee a bright future for the workers."

The Raymond Thane factory issue commenced in August 2009, when the management announced its first VRS package. This was not agreeable with the workers and the union and the negotiations have been continuing since then .. The issue has now been amicably resolved with the Raymond management and the Workers' Union arriving at the mutually agreeable VRS settlement package of Rs 260 crore.

Raymond Limited


Must ReadView All

Courtesy: Fashion Revolution/Fashion Transparency Index

Apparel/Garments | On 23rd Apr 2018

Transparency helps in swiftly alerting brands

Disclosing key supplier, supply chain and operational information...

Japan’s clothing imports up 4% in fiscal 2017

Apparel/Garments | On 23rd Apr 2018

Japan’s clothing imports up 4% in fiscal 2017

Japan’s imports of clothing and accessories increased by 4 per cent...

Courtesy: Fashion Revolution/Fashion Transparency Index

Fashion | On 23rd Apr 2018

Top global fashion brands now more transparent

Fashion Revolution’s Fashion Transparency Index 2018 reveals Adidas...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search