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    • Pfizer shutdown at...

    Pfizer shutdown at Chennai, Aurangabad: Employees offered Severance Package

    Farhat NasimWritten by Farhat Nasim Published On 2019-01-14T14:06:41+05:30  |  Updated On 16 Aug 2021 5:19 PM IST

    Chennai: While shutting down plants at two major cities in the country, drug maker Pfizer is now trying to strike a deal with its 1700 employees at these units to reach an amicable settlement.


    As promised in a communication to its 1700 current employees in Chennai and Aurangabad units, the pharmaceutical entity, Pfizer has come up with financial package wherein wages based on years of service and an unwilling retirement payout of Rs 7 lakh each to its employees has been offered.


    Medical Dialogues had recently reported that nearly thousand plus employees were in a lurch after the company announced the shutdown of Chennai and Aurangabad units citing non-viability.


    The recommendation to exit both the sites are the result of significant loss of product demand, making manufacturing at these sites unviable, the company said. The company's Irungattukottai unit in Tamil Nadu currently employs approximately 1,000 workers and Maharashtra's Aurangabad site employs approximately 700. The exact timing of the exit of these sites is yet to be determined, the firm said.




    Also Read: Pfizer to shut shop at Chennai, Aurangabad units, 1700 employees in lurch


    However, the recent offer has put the company's employees to ease, according to recent media reports. "An attractive financial scheme that is significantly higher than the legal requirements has been offered to Pfizer colleagues. We are not able to provide additional details at this point," a Pfizer spokesperson told Business Standard


    As reviewed by the daily, the details of the package revealed that the employees will be paid 75 days of wages for every year of service with the company, on rounding off, subject to a minimum of six months' pay. Besides, the notice pay, leave encashment, statutory bonus and gratuity will be paid. An 'early bird' incentive of Rs 7 lakh, with a group participation incentive, has also been offered.


    In addition to this, the statutory benefits would be given. Further, a compensation of 15 days' wages for every completed year of service and some more will be offered, according to the document.


    It is further reported that January 14th onwards, the employees may collect their personal belongings from the work site, based on scheduled group appointments.


    The Chennai and Aurangabad units are entirely export-oriented and do not supply products for Pfizer's India commercial operations.


    The Chennai and Aurangabad facility produced beta-lactam antibiotics and penicillin and penem API respectively. Pfizer bought the plants from Orchid Pharma which is presently bankrupt.


    Also Read: Pfizer Q2 net profit falls 14% to Rs 95.8 crore

    aurangabadChennaicompensationgratuityikktincentiveIrungattukottaileave encashmentnotice paypayoutPfizerpharma newspharma news in indiapharmaceuticalpharmacypharmacy in indiaseverance packageshutdownstatutory bonus
    Source : With input

    Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd

    Farhat Nasim
    Farhat Nasim

      Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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