GM's separation offer to Indian employees to close this week
General Motors, which has decided to stop selling vehicles in the Indian market from year-end, has given its employees here less than a month to opt for a voluntary separation scheme (VSS) as it starts winding down operations in the country.
After announcing its decision to stop retailing vehicles on May 18, the company sent mails to employees the very next day about the VSS that will close on June 15, 2017.
General Motors India President and Managing Director Kaher Kazem had stated around 400 employees engaged in domestic sales and after sales activities would be impacted.
According to the internal communication accessed by PTI, the company offered compensation of "45 days salary for every year of completed year of service or part thereof in excess of six months" in normal cases. On the other hand, for those who are nearing retirement, GM offered employees compensation of "monthly salary multiplied by the remaining months of service till normal age of retirement". The minimum compensation payable eligible shall be three months salary, it added.
According to sources, nearly 250 people in marketing, sales, finance and administration are likely to be given golden handshakes by September itself.
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