Company and union sign Long Term Wage Settlement agreement
Jamshedpur, Sept. 18: Tata Motors employees will get 12.9 per cent annual bonus for the year 2018-19. A bonus settlement agreement was signed between Tata Motors management and Tata Motors Workers Union on Wednesday.
Last year the bonus percentage was 12.2 per cent. Sources said an announcement has been made to regularize 306 temporary employees.
The bonus amount will be sent to the bank accounts of the employees by end of this week.
The Tata Workers Union leaders congratulated the president and general secretary of the union for a better bonus agreement.
The bonus settlement agreement was signed by the Tata Motors plant head Sampat Kumar, Tata Motors Workers Union president Gurmeet Singh Tote, general secretary RK Singh.
Besides the bonus agreement, a Long Term Wage Settlement was also signed between the company management and the union today.
Union sources said the average bonus amount would be Rs 38,200.
The management and union representatives held two rounds of meetings on bonus agreement, grade revision and regularization this morning.
Ajoy Lall, Vice President Manufacturing, CVBU, said, “I would like to congratulate Tata Motors Union, Jamshedpur, the leadership team of the Plant for mutually agreeing on the long term wage settlement, today. In this difficult market conditions the union along with all the employees have stood strong and the discussion has been very mature, which will be beneficial for the employees and the company in the long term.
Vishal Badshah, Head, Jamshedpur Plant, said, “I am happy to state that we have signed today the Long Term Wage Settlement between union and management. It gives me immense joy to state that this year despite business challenges with the support of union we have been able to singe an amicable and progressive settlement. I would like to thank union, employees and management for their continued support”