Jamshedpur, June 8: Employees of Gamharia-based Tayo Rolls Ltd in adjoining Seraikela-Kharsawan district and their family members took out a candle-lit march demanding better package for voluntary separation scheme (VSS) that the company management has introduced. They also demanded revival of the company.
“The company is on the verge of closure. We had never thought that a company like Tayo will reach to such a situation. But as it is a question of life and death, we will fight till the last and will resort to every democratic step necessary to safeguard our interest,” said wife of one of employees.
Tayo Rolls Limited, a subsidiary of Tata Steel, was promoted in 1968 in collaboration with Yodogawa Steel Works of Japan. It is the only company in the world to manufacture both cast and forged rolls right from iron ore with its integrated facilities under one roof.
But after 2008, the company continued to incur heavy loss every year and finally the Board of Directors in February decided to refer the company to Board for Industrial and Financial Reconstruction (BIFR). Moreover, on May 26, the board of directors decided to introduce VSS.
According to a senior official of the company, the board of directors of the company at its meeting held on May 26, 2016 approved the proposal to introduce employees VSS with immediate effect, and to suspend operations in a phased manner.
In the light of the May 26 decision, the company had on June 1 introduced the VSS.
The management has given the employees a deadline of July 15 for submitting their application for availing the benefit of the scheme.
But as the company has offered salary of only 18 to 20 months in the VSS package, the employees are not at all interested for applying for the scheme.