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JUSCO’s Annual Bonus agreement signed

Jamshedpur No Comments on JUSCO’s Annual Bonus agreement signed 38

Jamshedpur: An Agreement was signed between JUSCO and the JUSCO Shramik Union, for the payment of Annual Bonus for the accounting year 2012-2013, based on the agreed upon parameters of the Bonus Chart for 2012-13 on December 2 last.

One of the parameters in the Bonus Chart, the TBEM score for the year 2012-13 had not been received due to which the final bonus percentage could not be arrived at. The JUSCO Management, considering the onset of the festive season, disbursed an amount equivalent to 15 per cent of Salary/ Wages paid for the Year 2012-13, on 8 October 2013 to the employees such that they could celebrate the festive season along with their families.

As per the agreement signed on 2 December 2013, the balance amount will be disbursed to the employees only after the Company makes a profit for the Year 2013-14. This fact was not covered completely in most of the news dailies published on 3 December 2013.

Now, the TBEM Score has been announced. As per this, the balance amount payable works out to be 2.75 per cent. Therefore, an amount equivalent to 2.75 per cent of the Salary/ Wages paid for the Year 2012-13, will be paid in the event JUSCO makes a profit for the Year 2013-14, which will be known only after the financial closure and next of the AGM of the Company.

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