With the onset of the Covid-19 induced pandemic in 2020, many businesses terminated, while multitudes of workers, both blue and white collars were laid off.
We have covered hundreds of articles related to the events of employee layoffs and salary suspensions all through last year, including this one.
Amidst reports and allegations of Mahindra and Mahindra firing 300 executives in its automotive and farm equipment sectors in the last one year, the Mumbai based auto manufacturer clarified its side through a regulatory filing on Wednesday.
The auto manufacturing corporation elucidated that it did let go 48 employees during the alleged period and the reason was redundancy, while another 98 associates have been given a period of six months to find a role.
M&M Claims to Have Fired only 48 Employees in the Past Year
In a regulatory filing on Wednesday, M&M refuted reports of firing 300 employees in its automotive and farm equipment sectors, by saying that it had to let go 48 associates in the past year due to redundancies.
At the same time, the company also adds, “Over the last 12 months, 98 associates have been given six months to find a role. The combined total (across all levels) is 1.3% of white-collar associates within auto and farm sectors”.
The auto company also informs that during the last one year period, there were no salary cuts, instead salaries were hiked across the board and performance incentives were also paid in full.
New Recruiting Continues in M&M
In addition to clarifying its side on layoffs in the organization, M&M asserted that it has no plans of laying off anyone from the Mahindra Research Valley.
On the contrary, it plans to continue recruiting new talent, which will “further accelerate as we ramp up our EV (electric vehicle) strategy”, says the organization.
“There were various steps taken for safety and health of our associates, including establishing quarantine centres, picking up the cost for all medical treatments, providing monetary allowances for connectivity from home and various measures to enhance their well-being”.
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