Jamshedpur Utilities and Services Company Limited (JUSCO) announced an annual bonus of 18.5% for the accounting year 2008-09 to its employees after an agreement with Jusco Shramik Union (JSU) before the Conciliation Officer and Deputy Labour Commissioner, Jamshedpur, Mr Ram Pravesh Singh.

The Memorandum of Settlement was signed by JUSCO’s Managing Director, Mr Sanjiv Paul and Mr Raghunath Pandey, President JSU, and Mr. Ram Pravesh Singh in a meeting held on September 22, 2009 at 9.30 pm in the Board Room of JUSCO’s corporate office. Also present during the function from JSU were Mr V D Gopal Krishnan, Working President, Mr S L Das, Gl. Secretary, Mr B K Dubey, Vice President, and other Officers Bearers. The senior management team of JUSCO were represented by Mr K Midha, Advisor to MD, Mr Ritu Raj Sinha, GM(BD&CS), Mr Sharad Kumar, GM (PSD), Mr Deepak Kamath, GM(HRIR), Ms Shakti Sharma, Chief Education, Capt. D Mishra, DGM (JTS), Mr U Mishra, CFO and other officers.

Vide the Memorandum of Settlement, Bonus for the accounting year 2008-09 will be paid on the basis of mutually agreed upon Financial, Operational, Business Excellence and Safety parameter which was introduced last year in view of the growing concern for the well being of the employees and their families.

With slabs in the range of 8.33% and 20.00%, annual bonus has been decided on the basis of performance in each of these parameters.

Annual Bonus for the accounting year 2008-09 will be paid to 1168 employees.

The total payout on account of Annual Bonus is Rs.3.72 crores. The minimum amount of Bonus to an employee is Rs 9030/- while the maximum amount is Rs 75082/- for such employees who have worked for the full year.

Mr Sanjiv Paul, Managing Director, thanked Jusco Shramik Union leadership for its contribution in the Company’s improved performance and expressed hope that the Union–Management team will together take the Company to greater heights in the years to come.

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