Toyota commences voluntary scheme for plant employees

Automaker Toyota Kirloskar Motor (TKM) has initiated a voluntary retirement scheme for the employees of its manufacturing facility in Bidadi, Karnataka.

The company, which is a joint venture between Japanese auto major Toyota and Kirloskar group, has commenced the scheme for its unionised employees and supervisory category with a minimum of five years of service at the plant.

Nava-Jeevana Yojane- a voluntary depersonalisation scheme, commenced from Septemeber 22, is scheduled to run till October 23.

When contacted, TKM Vice-Chairman Shekar Viswanathan told PTI that the scheme is purely voluntary and has no relation to TKM's business situation.

"The scheme is launched in order to support the employees to ensure career change with financial security and to achieve their aspirational goals or desired career by separating from the organisation," Viswanathan said.

Employees opting to apply for the scheme will receive a compensation package in addition to normal retirement benefits, he ...