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Kolkata, Nov. 1 Memoranda of Settlement, providing for upward revisions of wages for more than 16,000 workers and employees of Jamshedpur plant of Tata Steel including the Tube Division, were signed at Jamshedpur on Saturday.

The settlement, to be effective retrospectively from January 1, 2007, will be in force for 10 years till December 2016, according to a press release issued by the company.

Mr B Muthuraman, Managing Director of Tata Steel, and Mr Raghunath Pandey, President, Tata Workers’ Union, along with senior executives of the company and union office-bearers, signed the settlement in the presence of Conciliation Officer and Deputy Labour Commissioner, Jamshedpur.

Following the revision, the minimum basic monthly pay will be Rs 8,080 in the workman grade and Rs 12,720 in the supervisory category.

As per the settlement, the existing flat rate of increment will be replaced by increment on percentage basis and it will be three per cent of the basic salary on cumulative basis. As a result, there will be a minimum Rs 243 a month increment in the workman grade and Rs 440 a month in the supervisory category.

The minimum guaranteed benefit will range from Rs 1,890 to Rs 6,060 a month depending on the grades. The dearness allowance will continue at 100 per cent neutralisation on the basis of All India Average Consumer Price Index (AIACPI) (1960=100).

Accordingly, it will be 12.9 per cent of basic pay as on November 1, 2008. The minimum house rent allowance has been increased from Rs 210 to Rs 400 a month.

More Stories on : Trade & Labour Unions | Steel | Tata Steel Ltd

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