Like the two tuskers sizing each other up in its logo, the management of gold-financing giant Muthoot Finance and its emplo­yees union have been in a stand-off for over a month in Kerala. Since August 20, the Muthoot Fina­nce Employees Union (MFEU) has been on a state-wide strike against “anti-­labour practices” such as ­unfair salary structure, lack of ­increments, excessive pay-docking, cuts in incentives, punitive transfers and arbitrary suspensions. More than 300 branches remain shutt­ered—over half the presence of non-banking fin­ancial companies in Kerala. Muthoot’s management and a section of the employees claim, however, that “vested interests” are preventing a majority of its roughly 3,000-strong workforce in the state from working. The company has hit back by closing down some 45 branches citing “non- performance”. It has even thr­ea­tened to wind up ­all operations in its home state.

Head-load workers stand in solidarity with white-collar workers, raising the battle cries of...