The memorandum of settlement was signed by Ashish Mathur, Managing Director, JUSCO, and other senior officials of the company on management's behalf while Raghunath Pandey, President, Jusco Shramik Union and the others signed on Union's behalf here today, a Jusco press release said.
The annual bonus for the accounting year 2011-2012 was 16.25 per cent of salary/wages (Basic + DA) paid for the year 2011-2012.
The total payout on account of annual bonus for the year will be Rs 5.35 crores approximately.
Nearly 1030 employees would be paid annual bonus.
An amount equal to 14.5 per cent was sent in advance earlier in November last, considering the festive season while the bonus settlement between the management and the union remained pending.
The pending amount equal to 1.75 per cent is being disbursed immediately.
The bonus charts for the accounting years 2012-13 and 2013-14 were also finalised and included in this settlement, the release added.