Perfect wage revision under tough market situation: Raghunath Pandey

Jamshedpur, Feb. 5: In spite of the prevailing difficult industrial climate these days, both the Jusco management and the Jusco Shramik Union (JSU) came together understanding each other�s needs and priorities and arrived at an amicable wage settlement on Friday following prolonged negotiations, which was pending since January 1, 2012.

The tripartite wage settlement the utility services company, a subsidiary of Tata Steel, was signed by the DLC (Jamshedpur) S S Pathak, Jusco MD Ashish Mathur and JSU president Raghunath Pandey today. Senior leadership of the Jusco management and the office bearers of JSU were also present on the occasion.

The Jusco team has once again demonstrated excellent industrial relations by coming to this amicable settlement which is in the greater long term interest of the company. The agreement will be in effect for six years � from January 1, 2012 to March 31, 2017.

Some of the salient features of the settlement include a raise of 15 percent minimum on old grades, while the new grades (JW1 to JW3) will benefit a raise of Rs. 1850. Those in JW4 � JW6 will receive a minimum wage raise of Rs. 2350, while employees in grades JS1 to JS4 will get a minimum guaranteed benefit of Rs. 2850.

In the T-Grades, the minimum guaranteed benefit will be Rs. 2100 for T1, Rs. 2400 for T2 and Rs. 2700 for Ts.
All employees of Jusco will also benefit from increased allowance, which include vehicle maintenance allowances, night shift allowances and acting allowances.

In addition, the employees will receive an enhanced education reimbursement for their children. The amount of Rs. 380 per month per child is now extended to the New Grade employees too. This benefit was already being provided to transferred employees and T-Graded employees.

Later in the day, Raghunath Pandey, president, Jusco Shramik Union held a press meet at the union office in Bistupur where he hailed the wage revision in difficult market condition. ‘It’s a good wage revision under difficult market situation and would benefit the employee’, Mr. Pandey said.