Amid the continuing strikes of the leftist trade union CITU, the management of Muthoot Finance Ltd decided to close down its nearly 300 branches in Kerala. In a move that will cause the unemployment of more than 2,000 employees working in various branches in the state, the General Manager issued a circular regarding the closure of the branches.
The Muthoot Finance company under Muthoot Group has been facing a strike for a week by a section of staff demanding revision of wages. Around 450 employees belonging to the CITU out of 3,000 workers of the company in the state were on strike. Earlier a company official had told reporters in Kochi that frequent strikes had hit the functioning of the branches for several days.
Having 5,200 branches countrywide, the Muthoot Group has Rs 2000-crore profit now. Out of 950 branches in Kerala, 300 have been closed over the last three years, mainly because of the interference of the left trade union. The company says that the management is unable to withstand the huge financial loss due to the strikes which have affected their functionality greatly.
Unhappy over pro-Communist unionists disrupting business many of the organisations have left Kerala. The goons of Centre of Indian Trade Union, CITU, affiliated to the state’s ruling CPM, cause a threat to even lives of people against their ideology. Thousands of industries have been closed down and several thousand employees have lost their jobs due to close down of industries in the state.