Press Release
Tinplate announces 20% bonus
 The Annual Bonus
for the employees of the Tinplate Company of India Limited for the Accounting Year
2003-2004 was finalised today in an agreement entered into between the Management and the
Golmuri Tinplate Workers' Union (GTWU), in the presence of Mr.Peter Lakra, Dy. Labour
Commissioner and Conciliation Officer Jamshedpur.
This agreement has been entered into under
sec.31A of the Payment of Bonus Act, 1965 on the basis of production and profitability.
According to the agreement, although the employees under the unionized purview were
entitled to Annual Bonus of 19.90% of their annualized eligible earnings; the Management
at the request of the Union agreed to round it off to 20%. This compares with 17% bonus
declared for the previous year.
In accordance with the agreement, the minimum and
the maximum bonus for the employees will be Rs. 10,421/- and Rs. 20,723/-, respectively as
against the previous years Rs.9170/- and Rs.15,522/- respectively.
The bonus for the Accounting Year 2003-2004 was
agreed upon since the company had shown substantial improvement in performance levels
during 2003-2004 in terms of production and profitability and recorded a Net Profit of Rs.
21.34 Crores as against Rs.2.02 Crores in 2002-2003. The President of the Golmuri Tinplate
Workers' Union (GTWU) Shri Rakeshwar Pandey emphasised that CRM and ETP Plants had
recorded production of 1,54,211 MT and 1,27,984 MT respectively during 2003-2004 which
were the highest ever production for TCIL. The Management on the other hand also
acknowledged the contribution made by the employees and expected that enthusiasm for
achieving higher levels of production and productivity will be maintained.
The agreement was signed by Shri B.L.Raina, MD;
Shri T.K.Ghosh, Vice President (Corporate); Shri K.N.Mishra, GM(Works); Shri Ujjwal Kumar,
Dy.GM (HRM); Shri Ashok Ghosh, Dy.GM (Operations); Shri Dipankar Chakravarty, Chief
(Finance & Accounts); Shri James Davis, CDM (Personnel) on behalf of the Management
and; Shri Rakeshwar Pandey, President; Shri R.Appal Raju, General Secretary; Shri Raja
Singh, Dy.President; Shri S.D.Tripathy, Sr.Vice President; Shri B.Jha, Vice President;
Shri Parbinder Singh, Asst.Secretary; Shri R.K.Pal, Asst.Secretary; Shri Dharmendra Kumar
Singh, Asst. Secretary; Shri Kalicharan, Asst. Secretary and Shri Sudama Tiwary, Treasurer
on behalf of the Golmuri Tinplate Workers' Union. |
