Jamshedpur: The Management of TRF Limited and the Tata Robins Fraser Labour Union signed an Agreement on Thursday for payment of annual bonus for the accounting year 2013-14.
The agreement is based on the formula linked to productivity, turnover and profitability under a Memorandum of Agreement signed between the management and Tata Robins Fraser Labour Union on September 16, 2010.
As per the agreement, eligible employees will receive 8.33 per cent bonus or ex-gratia of their respective actual earnings (Basic plus DA) earned during the accounting year 2013-14. The minimum bonus works out to Rs 8,490 and maximum bonus works out to Rs 31,905.
In addition to the above, the Union and Management also agreed that an ex-gratia of Rs 3100 would be paid to eligible employees in recognition of their whole hearted efforts and co-operation in achieving good performance of Bulk Material Handling Division during 2013-14.
TRF has made arrangements on the special request of the Union, to ensure that its employees get their bonus amount in their bank account by September 27.
S Deoras, Managing Director, TRF said that he was confident that the Companyís performance would improve in the future and it would emerge even stronger with the expected improvement in the economy, especially the infrastructure sector.
Rakeshwar Pandey, president, TRF Labour Union was confident that the employees would maintain, if not better, their level of performance and continue to contribute towards the growth of the Company.
They jointly wished all the employees a happy and safe festive season and advised them to spend their money judiciously and on long term investments.