Jamshedpur, Oct 12: Jusco has agreed to pay an annual bonus of Rs 6.97 crore for its 971 employees. An Agreement dated 12th October 2015 was signed between JUSCO Management and the JUSCO Shramik Union, for payment of Annual Bonus for the accounting year 2014-15 based on the Bonus Chart for 2014-15 which was agreed to in June 2015.
The Agreement was signed by Ashish Mathur, MD, JUSCO and Raghunath Pandey, President, JUSCO Shramik Union, along with other senior officials of the Company along with Office Bearers of the Union.
In a significant departure from the earlier agreements on percentage based bonus, this year’s 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, TBEM Score and some key operational performance parameters such as compliance to complaints, customer feedback, Transmission and Distribution loss, overall unaccounted for water, customer satisfaction index, compliance to garbage haulage etc.
As per the agreement, Rs.6.97 Crores would be disbursed 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 2015.
It may be noted that improvement in TBEM scores is a parameter for determining the bonus percentage and the site visit of the assessment team took place in early September this year which would be followed by declaration of the results sometime in December 2015.
971 employees would be paid annual bonus for the accounting year 2014-15.