If a report in today’s TOI is true then the life of an Indian worker aged 22 is worth no more than Rs. 2 lacs i.e. $4000. Life of an Indian has never been precious anyway but this week the biggest emerging economy of the world with one of the biggest Top Billionaire list in the world, India Inc, touched new lows when it decided the life of an Indian worker was worth nothing more Rs. 2 lacs i.e. approx $4000. That’s the compensation Hyundai Motors paid when poisonous gas spewed out and choked to death the poor workers.

This is coming from one of the biggest car companies in India India Hyundai Motors. Worth noting are a few of these stats.

Age of people who died.

Sirish Karate 22

A Maran aged 32

Mohan Hingine 25

V Muthu 37

Ex-gratia payment given Rs.2 lacs approx. $4000

Rs.2 lacs is less than half the price of the cheapest car of Hyundai Motors.

Some other interesting quotes. According to the report in TOI “The South Korean auto giant’s India vice president for administration and HR, S Ganapathy, told TOI the company’s priority was to take care of the victims’ families. I do wonder how much this person’s life is worth in case of a similar gas leak!

Also according to the report “Hyundai Motor India has announced an ex-gratia payment of Rs 2 lakh, of which Rs 1 lakh is from its managing director’s personal fund.”

Rs.1 lac ($2000) from the Managing Director’s fund! Ouch so much from the Managing Director’s fund! $2000 is the starting price of a Rolex in India. That’s also the around 3 months fees in an elite school in India. That’s roughly also the price for a good laptop in India. The same has been determined as the price of an Indian worker who died inhaling poisonous gases aged 22.

According to Hyundai Motors press release on its website “In Decemeber 2007 Hyundai Motors registers an overall growth of 16.1% in Nov `07 Domestic Sales rise by 15.4%. Hyundai Motor India registers steady increase in overall growth,Exports rise by 32.3 %

According to CNNMoney Hyundai Motors ranks 76 in the top 500 companies in the world. It’s revenues for last year were 66,666.0
(in $ millions that is ) and its profits were 1,319.0 (in $ millions again). The compensation this company paid for the life of a 22 year killed in a gas leak is $4000

Hyundai Motors India manufactures Santro, Accent, Elantra besides others. Rs.2 lacs is less than half of the cheapest car it sells.
According to HinduBusinessLine 5,30,000 cars is what the co. is looking at selling in 2008.

Hyundai Motor India Ltd, President and CEO, Mr H.S. Lheem, said that “By July, our second plant will be operational. This would increase our capacity to 5.3 lakh cars by next year, out of which 50 per cent will be exported and the remaining 50 per cent will be sold in the domestic market.”

Is Rs.2 lacs really a fair compensation for the life an Indian worker? Even if it’s an accident how much would Hyundai Motors pay for the life of a worker in US or Korea?