Though Cochin Shipyard has traded in a narrow range of Rs 3.35, its in the limelight today morning. It rose almost 1% to Rs.386.60 and currently quoted around Rs.384 levels.
Labour problem is very rampant in the state of Kerala thus it comes as a good news to know that the largest shipyard of India has signed a 10-year, long term settlement with its workmen.
This will be effective from 01.04.2017 and be valid for 10 years. The earlier wage settlement entered into with the trade unions was valid upto 31.03.2017. The current settlement has been arrived at after protracted negotiations between the management and the workmen.
The company has already catered to the increase in wages in its books of accounts through creation of appropriate provisions. Under the agreement, nearly 1,500 workers of the Cochin Shipyard will receive a wage hike of about 15%, effective 2017.