Tata Motors signs bonus agreement with Telco Workers Union

Tata Motors today signed Bonus and Permanency Agreement with Telco Workers Union here.
It was mutually agreed that all permanent workmen would be getting an amount equivalent to 10.5 per cent of the annual salary/wages, consisting of Basic + Personal Pay + Dearness Allowance earned by them during 2013-14, a Tata Motors press release said.
Out of the 10.5 per cent, an amount equivalent to 8.33 per cent of the wage/salary comprising of Basic + Personal Pay + Dearness Allowance will be treated as Statutory Bonus/ Special Payment and shall be payable on pro-rata basis to all the permanent workmen along with all eligible employees covered under the scope of Payment of Bonus Act, 1965, it said.

After setting aside the amount to be paid as "Statutory Bonus/Special Payment", the remaining portion of the agreed money will be paid for achievement of various targets set for the current financial year as stipulated in joint discussions from time to time.
For all permanent confirmed workmen who were on the roll of the company in 2013-14 and continue to be on the date of the signing of the agreement, the minimum amount payable under this agreement is Rs 14,490, maximum payable is Rs 31,390, and average amount payable is Rs 25,650, which will be disbursed to eligible workmen within one week.

Despite extreme financial hardship that the company is passing through more than last two years, it has been agreed to induct 250 temporary workers to permanent roll of the company. All formalities for induction will be completed within one month, the release added.