Sixth Pay Commission: Hyundai & GM cars offer discount to Government Employees: Finance Trading Times

Sixth Pay Commission: Hyundai & GM cars offer discount to Government Employees

It's raining offers for the government sector employees. Since the Markets are Efficient, any profitable opportunity is not missed by the market participants. Same is true for the money that is going to flow from the Sixth Pay Commission Arrears Payment and raised salaries or raised pays after the implementation of the Sixth Pay Commission Recommendations.
The Indian Automobile Companies are attempting to cash-in the anormous amounts of money that is now available to the government employees, after the implementation of the Sixth Pay Commission Recommendations. Wikipedia on Sixth Pay Commission. Hyundai Car GM Car Discount Sixth Pay Commission

First, it was the Asset Management Companies and Mutual Fund houses who lined up chasing the government employees suggesting them to invest in so and so investment scheme or mutual fund. However, the recent credit crunch and financial turmoil has shaken the trust of the investors. Now, its the turn of other sectors to work on and cash in on the salary revision by Sixth Pay Commission recently.

As per the latest news, car-maker General Motors GM India on Monday announced a limited period discounts of up to Rs 62,000 on various models during the festive season exclusively for the central and state government employees.

"As a part of our ongoing centenary celebrations, we are pleased to bring this special offer to all central and state government employees to make the vehicles affordable to them," GM India Vice-President (Marketing, Sales and After-Sales) Ankush Arora said.

As per the scheme offered by car company General motors or GM India, government employees will be eligible to get a discount of Rs 31,000 on Chevrolet U-VA and Rs 62,000 on Chevrolet Spark. This is inclusive of all discounts and special offers that already exist.

Not only that, if anyone is willing to go for high-end models, similar special discounts would also be available on Chevrolet Aveo and Chevrolet Optra.

Then, when GM is cashing in, how can other car companies keep quite. Hyundai Motors India Ltd, India's largest passenger car exporter and the second largest car manufacturer, also declared a similar scheme for the state and central government employees. Though no concrete discount pricing details or other details are available, but it is learnt that there will be special pricing, attractive finance options etc to enable the government employees to own a Hyundai car.

The car companies are waiting for the employees to receive the arrears of Sixth Pay Commission Recommendations and their new increased salaries. The attempt is that arrears can be utilised as the down payment for purchase of the car and the revised salary increment will help them to accommodate their monthly EMI's. So in a nutsheel, its all a secure and safe loan game for both the car companies and the banks offering loans. The Hyundai scheme will be run through October and November, 2008.
Let's hope that employees dont get carried away with their belongings and make a right and informed decision about their loan liabilities before jumping on the bandwagon.
Hyundai has tied up with State Bank of India, Axis Bank and HDFC Bank to provide with attractive finance schemes for the government employees for their vehicle purchase.
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