Business Daily from THE HINDU group of publications
Friday, Oct 05, 2007
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Business Daily from THE HINDU group of publications Friday, Oct 05, 2007 ePaper |
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Corporate
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Human Resources Agri-Biz & Commodities - Tea McLeod Russel announces higher bonus Our Bureau Kolkata, Oct. 4 McLeod Russel India Ltd, the country’s largest tea producer having 55 gardens spread over Assam and West Bengal, has declared a higher bonus this year for its workers totalling 74,000. The workers in Assam gardens, numbering 49, will get 17 per cent bonus as compared to 16 per cent previously. This will be paid in two instalments — 12 per cent before the Durga Puja, and the balance five per cent at the time of Holi. The workers in five Assam gardens have opted to take 12 per cent bonus at the time of Diwali instead of Durga Puja. The outgo on account of total bonus payment is estimated at Rs 20 crore. The company has six gardens in West Bengal, all in the Dooars region. In West Bengal, the bonus issue is settled at the industry-level. According to the settlement reached this year, McLeod Russel is paying at the rate of 11.9 per cent for the West Bengal gardens as compared to 11.25 per cent last year. The outgo will be about Rs 2.1 crore. Despite the appreciation of the rupee vis-À-vis the US dollar, the company’s exports this year in volume, as company sources point out, will not be less than last year. “There will be no drop in earnings in dollar terms either; if anything, the earning might be a little more but we’ll certainly lose in rupee terms,” the sources observe. An estimated 60 per cent of the company’s exports is sent to dollar-denominated areas. More Stories on : Human Resources | Tea | Bonus Announcements
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