Jamshedpur, May 25: Wage revision of employees of Jamshedpur plant of Timken India Company has been completed. Without delay, it will be implemented from this month. This agreement has been implemented for three years from 1 May 2023 to 30 April 2026.
Under this, the average salary hike will be Rs 10,200 for the employees. It has also been agreed to frame a policy for the reinstatement of the sons of the employees. It has also been implemented from this month itself.
For the first time in Timken, the wage revision agreement of the employees has been done without delay. This agreement was tripartite, in which apart from Additional Labor Commissioner Ajit Kumar Panna, plant general manager operation Rajeev Shaswat, AGM HR Dinesh Singh, AGM Himanshu Mishra, Divisional Manager Nitin Bhatnagar, Sapan Maithi, Deputy Manager Abhishek Harshdeep and Union representatives attended the agreement signing.
The grade revision agreement has been done ontime for three years. Due to this, the company will have a financial burden of Rs 18010 on an average every month in three years. Under this, Rs 2982 in basic, Rs 2334 in annual increment of three years, DA Rs 2700 in three years, Rs 1050 in promotion policy, Rs 1541 in PF and gratuity, Rs 5772 in allowance and Rs 1632 in bonus i.e. a total of Rs 18,010.
The financial burden will be on the company on an employee. The average monthly increment of the employees has been Rs.10,200. There will be a maximum monthly increase of Rs 3285 and an average monthly increase of Rs 2982 in the basic of the employees. LTC, which was earlier available at Rs.50,000 in a block year, has been increased to Rs.1,00,000 in a block year, resulting in a monthly increase of Rs.2083 in LTC.
Personal Maintenance Allowance has been increased by Rs 3688 per month. Variable DA has been increased from a point of Rs 2 to a point of Rs 2.25. The amount of group insurance has been increased from Rs 1,38,000 to Rs 2,50,000.
Till now, the medical leave balance which remained in the company at the time of retirement used to lapse, but according to this agreement, now at the time of retirement, employees can encash medical leave for a maximum of 48 days. The daily allowance received by the employees in the medical referral case has been increased from Rs.300 to Rs.450 per day. Along with the grade-revision agreement, an employment policy has been formulated regarding the pending employment of sons of employees, under which priority will be given in the employment of sons of employees in the company in the coming days.
For the children of employees, 18 children were given scholarship every year in different categories, which was increased to 20 children. Heat-treatment allowance increased from Rs 300 to Rs 325.
