Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Employees of the troubled handset maker Nokia have said the Voluntary Retirement Scheme which came into effect from today should be optional, alleging it was being forced on them.
“There are about 8,000 workers employed at the Sriperumbudur Nokia facility, which has been scaling down its operations and announced VRS for the workforce. But the management compelling the workers to accept the scheme has enraged them”, a leader from the employees union told PTI on condition of anonymity.
The employees at a meeting decided to seek the intervention of Tamil Nadu government to strictly direct the management to make the VRS scheme optional and not mandatory.
In the aftermath of Nokia-Microsoft $7.2 billion deal, the handset major recently said that it regularly reviews its manufacturing strategy and added “following such a review, we can confirm we have launched a voluntary package (VRS) at our Chennai, India facility”.
“The management is asking to take VRS. For those employees who have rejected VRS, the company has already stopped transportation services”, a Nokia India Employees Union source alleged.
Elaborating, the leader said the Union representatives recently approached the Assistant Commissioner, Labour department, seeking help and in his presence it was agreed that the company would not force the employees to accept VRS. Original Post at Times of India