Tata Steel agrees to pay interim relief to employees

Tata Steel management has signed a settlement pact with Tata Workers' Union for payment of a monthly interim relief to the employees of steel works and tubes division pending finalisation of wage revision.

The memorandum of settlement was signed Monday.

All permanent employees on company rolls as on Dec 31, 2006, and later are entitled to the interim relief along with an ad hoc amount towards increment on a monthly basis with effect from Jan 1, 2007, a company release said.

"The interim relief amount and the ad hoc amount towards increment will also be considered for provident fund and Tisco Employees' Pension Scheme," the release said.

Tata Steel and the union will finalise the charter of demands submitted by the latter within four months, failing which the company has agreed to pay an additional ad hoc amount to the employees effective Jan 1, 2008.