Rationale for Workforce Rationalization
The Company has undertaken restructuring and rationalization of its workforce in line with current and projected operational requirements. Operations have been significantly affected in the years following the COVID-19 pandemic. The seafood processing and export industry faces multiple operational challenges including:
- Reduced availability of seafood for processing
- Fluctuations in procurement volumes
- Increased input costs
- Supply chain disruptions
- Changing market conditions
Due to continued shortage of raw materials and lower production requirements, there has been underutilization of manpower in certain areas of the Company's operations. The management conducted a review of organizational structure and manpower deployment across various departments before deciding to rationalize the workforce based on prevailing operational requirements.
Employee Settlement Arrangements
The Company has taken necessary steps to settle all statutory dues and eligible benefits payable to affected employees, including:
- Salary
- Leave encashment
- Gratuity
- Provident fund
- Bonus
- Other applicable benefits
All settlements are being made in accordance with applicable laws and Company policies.