Jamshedpur, Sept. 24: An Agreement was signed between Jusco Management and the Jusco Shramik Union for payment of annual bonus for the accounting year 2015-16 here on Saturday. It is based on the Bonus Chart for 2015-16. The settlement also contains the Bonus chart for 2016-17 which would determine the payout next year, company sources said.
As per the agreement, Rs 7.17 crores would be disbursed in the coming days to eligible employees considering the onset of the festive season. The balance amount as per the earning from the Bonus Chart would be payable after the declaration of TBEM results expected sometime in December. Altogether 941 employees would be paid annual bonus for the accounting year 2015-16.
The agreement was signed by Ashish Mathur, MD, JUSCO and Raghunath Pandey, president, Jusco Shramik Union, along with other senior Officials of the company as also office bearers of the Union in the presence of Rakesh Prasad, DLC, Kolhan and Conciliation Officer.
“Bonus entitlement is based on a pre-decided kitty and the company’s performance on various parameters such as Profit before taxes (PBT), Safety performance, compliance to complaints, Top Box, Transmission and Distribution loss, overall unaccounted for water, customer satisfaction index, TBEM score and a newly introduced parameter of ‘Productivity,’ all of which would help the company achieve its strategic goals and objectives,” said a company communiqué.
According to company officials, improvement in TBEM scores is a parameter for determining the bonus percentage and the site visit of the assessment team will take place in early November which would be followed by declaration of the results sometime in December.