Auto component manufacturer Lucas TVS, part of the diversified conglomerate TVS Group on Friday declared non-working days for its employees owing to overall industry slowdown.
According to the notification posted by the company's office here, Lucas TVS had already announced non-working days last month. "As the lull in the industry is continuing, a situation has come to reduce the number of working days", the notification shared with the employees said.
Following the development, the company said it has declared non-working days for Aug. 16 and 17 to its employees. Noting that the company was monitoring the slowdown in the industry, the notification said employees would be informed in detail if market condition improves.
"A decision will be taken on how to offset the job losses on the non-working days. Employees are requested to extend their cooperation", it said.
Meanwhile, Sundaram-Clayton Ltd., a leading supplier of aluminium die-cast products Friday in a statement said it has declared Aug. 16, 17 as non-working days for its factory in Padi. "This is due to business slowdown across sectors", it said.
In a significant development, a section of employees resorted to protest at the assembly unit of Hinduja Group flagship company Ashok Leyland at Ennore. The employees had resorted to stir seeking an increase in their bonus, Union sources said.
"We had a meeting on Aug. 14. We did not accept to their offer to give us 5 percent bonus. We rejected it and staged a sit-in protest today. Currently, 1,800 employees working in two shifts are staging a protest", an official said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
