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MUMBAI: Mukand Ltd has informed the Bombay Stock Exchange that the company concluded a settlement with Kalwa Mukand Employees' Union.

The new settlement covers the union's demand relating to wages, annual bonus and ex-gratia payments. "This is the first time the company concluded a settlement for a 5-year period valid up to June 30, 2009,'' Mukand told the bourse.

The monthly increase in wages, including incentives schemes ranging from Rs 900 per month to unskilled workman to Rs 1,800 per month to high skilled workman.

Other features of the settlement include reduction in overtime payments by 35 per cent to 40 per cent to be brought about by improvement of attendance and reduced utilisation of leave.

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