Jamshedpur, Feb 8: Tata Steel UISL management and JUSCO Shramik Union (JSU) arrived at a wage settlement on Wednesday. The agreement will be in effect for seven years from January 1, 2018, to December 31, 2024.
The tripartite wage settlement of Tata Steel UISL, a subsidiary of Tata Steel, was signed today, by Rajesh Prasad, DLC (Jamshedpur), Ritu Raj Sinha, Managing Director, Tata Steel UISL, and Raghunath Pandey, President, JUSCO Shramik Union. Senior members of Tata Steel UISL management team and office bearers of JSU were also present at the occasion.
Some of the salient features of the settlement include MGB of 10.25 percent minimum for old grades, while the new grades will receive a Minimum Guaranteed Benefit (as JW1 to JW3) of Rs. 2600, (JW4 to JW6) Rs. 3600 and (JS1 to JS4) Rs.4600.
In the T-Grades, the minimum guaranteed benefit will be Rs 3200 for T1, Rs 3500 for T2, and Rs 3800 for T3. Employees of Tata Steel UISL will also benefit from increased allowances, which includes Personal Allowance, Vehicle Maintenance Allowances, Night Shift Allowances, Acting Allowances, Utility Allowance, House Rent Allowance and Education Subsidy, etc