22 September, 2020

Muthoot Finance In Jumbo Mess As Warring Workers Seek Their Dues

Muthoot faces protest for anti-labour practices as workers allege that company spends big in IPL and on Bollywood stars but treats staff shabbily

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Nearly 700 Muthoot employees in Kerala are on strike
Muthoot Finance In Jumbo Mess As Warring Workers Seek Their Dues
outlookindia.com
2019-09-27T10:58:47+05:30

Like the two tuskers sizing each other up in its logo, the management of gold-financing giant Muthoot Finance and its emplo­yees union have been in a stand-off for over a month in Kerala. Since August 20, the Muthoot Fina­nce Employees Union (MFEU) has been on a state-wide strike against “anti-­labour practices” such as ­unfair salary structure, lack of ­increments, excessive pay-docking, cuts in incentives, punitive transfers and arbitrary suspensions. More than 300 branches remain shutt­ered—over half the presence of non-banking fin­ancial companies in Kerala. Muthoot’s management and a section of the employees claim, however, that “vested interests” are preventing a majority of its roughly 3,000-strong workforce in the state from working. The company has hit back by closing down some 45 branches citing “non- performance”. It has even thr­ea­tened to wind up ­all operations in its home state.

Head-load workers stand in solidarity with white-collar workers, raising the battle cries of...

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