Bangalore, 10^th July 2023: In the spirit of further nurturing employee welfare, societal progress, and overall company growth, Toyota Kirloskar Motor (TKM) today announced the signing of a Memorandum of Settlement (MoS) on July 5^th, 2023 with its Employees Union. The agreement aims to cultivate a positive work environment founded on the principles of "Mutual Trust and Respect" for all stakeholders.

The MoS, encompassing the issues outlined in the Charter of Demand for the fiscal years 2022-2024, was formally ratified before esteemed officials including Labour Commissioner Dr. H. N. Gopalakrishna, IAS, Additional Labour Commissioner, Dr. Manjunath G, representatives from the Government of Karnataka, senior TKM management, and the office bearers of the TKM Employees Union.

Strongly backed by the Toyota values and principles, both parties expressed commitment to tirelessly work towards promoting maximum flexibility, productivity, good work-life balance, to ensure the making of highest quality of products and services. Key provisions of the settlement include:

• 1. Direct increase of Rs.14,200/- over a two-year period for Mid-Batch members, resulting in a Cost to Company (CTC) increase of Rs.17,500/-
• 2. Implementation of a 5 -day workweek.
• 3. Expansion of Medical Insurance coverage for employees and their dependants.
• 4. Introduction of a Car Scheme for employees, among other benefits.
• 5. Enhancement of relief measures for employees facing distress.
• 6. Support for children's education.

Dr. G Manjunath, Additional Labour Commissioner, Government of Karnataka, who presided the signing of the settlement said “We extend our heartfelt appreciation to Toyota Kirloskar Motor and the Employees Union for their commendable efforts in smoothly arriving at a mutually beneficial settlement. The seamless coordination by both the parties has set a remarkable example for Industrial Relations in the State. We urge TKM and its Employee Union to continue working together towards sustained excellence and contribute to the overall growth of Karnataka."

Speaking on the occasion, Mr. G. Shankara, Senior Vice President & Chief HR Officer, Toyota Kirloskar Motor said, “We at Toyota Kirloskar Motor remain steadfast in our commitment to create a positive work environment, provide a good work life balance as well as ensure well-being and growth of our employees. Over the last 25 years in the country, we have always worked together with our people to ensure each member’s opinion and contribution are deeply valued & respected. Our people are our most valuable assets for which our endeavour is to foster a stable environment and world-class working conditions balanced with the progress of the company's vision of providing “mobility for all”.”

Mr. S R Deepak, President of Toyota Kirloskar Motor Employees Union said “We are happy to announce the successful signing of the Memorandum of Settlement with the Company. As a people centric company, TKM has always prioritized the welfare and growth of its employees. This remarkable settlement will help to cultivate harmonious work environment and progress of both Company and its employees.”

Overview of TKM:

Equity participation	Toyota Motor Corporation (Japan): 89%, Kirloskar Systems Limited (India): 11%
Number of employees	Approx. 6,000
Land area	Approx. 432 acres (approx.1,700,000 m2)
Building area	74,000 m2
Total Installed Production capacity	Up to 3,10,000 units

Overview of TKM 1st Plant:

Established	October 1997 (start of production: December 1999)
Location	Bidadi
Products	Innova HyCross , Innova Crysta , Fortuner manufactured in India.
Installed Production capacity	Up to 1,00,000 units

Overview of TKM 2nd Plant:

Start of Production	December 2010
Location	On the site of Toyota Kirloskar Motor Private Limited, Bidadi
Products	Toyota Camry Hybrid, Urban Cruiser Hyryder, Hilux
Installed Production capacity	Up to 2,10,000 units

* Vellfire imported as CBU

For Any Further Queries, Please Contact:

Toyota Kirloskar Motor Pvt. Ltd.	Current Global
Kaveri Mandanna Email : Kaveriamma_mm@toyota-kirloskar.co.in	Shakuntala Datta Mobile : +91-98456 11219 Email : SDatta@webershandwick.com