5,000 Employees Opt for Voluntary Retirement at Nokia Chennai Factory
Nearly 5,000 of the 6,600 permanent employees of handset manufacturer Nokia plant at Sriperumbudur near here have opted for the Voluntary Retirement Scheme (VRS) announced by the company last month.
"While we set no target for the VRS in terms of the number of employees, we have about 5,000 employees opting for the scheme (which ended today)," a Nokia India statement said.
It also said that to support the employees who have taken the VRS package, the company had introduced a 'Bridge' initiative under which "consultancy services and employment outlook trainings" were being offered.
Nokia, which recently sold its mobile unit to Microsoft, currently operates the plant as a contract manufacturer for the US-based software major.
Nokia India Employees Union sources told PTI that the employees who had opted for the scheme, which entitles a benefit of around Rs 2 lakh, did so out of fear of job loss.
"About 5,000 people have left the company. Actually, they were not interested to leave. But out of fear of losing the job later without even the VRS compensation, they opted for the VRS," they claimed.
The Finnish company last month sold its mobile unit to software major Microsoft but the plant near Chennai ran into rough weather over tax disputes between Centre and state governments.
The company, which aimed to support the employees over the uncertainity of their future, announced the VRS scheme at the Chennai factory last month.
In its statement today, Nokia said it has introduced "several" new initiatives under the Bridge programme to provide support to the employees which include -- working with industry experts to identify new employment areas, conducting awareness programmes in 40 locations in Tamil Nadu including Chennai.
"The awareness sessions is to share information and insight into over 30 different skill development modules and employment outlook trainings across industries like garment, automotive, retail, hospitality," it said.
The Bridge programme is also aimed at inviting employers to "facilitate engagement and placements", it said.
Through the Bridge programme, Nokia said, globally about 18,000 employees have benefitted.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.