Jamshedpur: Bonus and Permanency Agreement were signed between Tata Motors management and Telco Workers Union on Saturday. It was mutually agreed that all permanent workmen would be getting an amount equivalent to 10.5 % of the annual salary or wages consisting of Basic plus Personal Pay along with Dearness Allowance earned by them during the accounting year 2013-14. The agreement was signed by the plant head of the company AB Lal, PJ Singh and Sanjay Verma.
For all permanent confirmed workmen who were on the roll of the company in 2013-14 and continue to be on roll on the date of the signing of the agreement, the minimum amount payable under agreement is Rs. 14,490, maximum payable is Rs 31,390 and average amount payable is Rs 25,650, company sources said.
The amount payable shall be disbursed to eligible workmen within one week.
Out of the 10.5 %, an amount equivalent to 8.33% of the wage or salary comprising of Basic plus Personal Pay plus Dearness Allowance earned by the workmen in the accounting year 2013-14, will be treated as �Statutory Bonus�/ �Special Payment� and shall be payable on pro rata basis to all the permanent workmen along with all eligible employees covered under the scope of Payment of Bonus Act, 1965.
After setting aside the amount paid as Statutory Bonus or Special Payment, the remaining portion of the agreed percentage of the workmen�s wages or salary (Basic plus DA plus PP) earned by the permanent workmen in the accounting year 2013-14, will be paid for achievement of various targets set for the current financial year i.e. 2014-15 as stipulated in joint discussions from time to time.
�Despite extreme financial hardship that the company is passing through more than last two years, it has been agreed to induct 250 temporary workers to permanent roll of the company. All formalities for induction will be completed within one month,� said a company spokesperson.
