Jamshedpur, Sep 27: The bonus agreement between Tata Robins Fraser Labour Union and the management of TRF Limited was signed today.
According to the agreement, the employees will get a bonus of 8.33 per cent for the accounting year 2012-2013.
The bonus amount will be calculated on the salary (basic + dearness allowance) paid during the last financial year.
The minimum bonus/ex-gratia works out to Rs.12, 205/- and maximum bonus/ex-gratia works out to Rs 30,490/-.
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.
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 October 3, 2013.
Speaking on the occasion, S Deoars, MD, TRF said that we are confident that the Company would do well in the future and emerge even stronger despite the difficult economic situation.
Rakeshwar Pandey, President, TRF Labour Union appealed that there is an urgent need to improve production and efficiency as this would help the Company to grow which in turn would also ensure the employees� prosperity. They jointly wished the very best to all the employees on the eve of the festive season and urged them to spend their money judiciously and on long term investments.
The agreement was signed by Sudhir Deoras, Managing Director, Hemant Kharkar, Chief Operating Officer, PK Tibdewal, Vice President (PB) and Arvind Kumar, AGM (P & A) on behalf of the management and by Mr Rakeshwar Pandey, President, Mr R.K. Rahi, General Secretary, Mr MH Hiramanek, Deputy President, Mr RB Rai, Vice President, Mr SK Jha, and Mr B Purty, Assistant Secretaries, Sanjay Kumar, Assistant Treasurer and all Executive Committee Members on behalf of the union.