Jamshedpur, August 22: Leading doemstic major Telco construction equipment company Ltd (Telcon) has announced 16.67 per cent bonus for its employees for the year 2008-09.
As per the agreement reached between the company management and the Telcon Workers’ Union (TWU), the average payment of bonus to its employees will be Rs. 22,789, with the maximum being at Rs.23,942 and the minimus at 20,648, according to a company release issued here yesterday.
While 528 employees will get the special payment at the rate of 16.67 per cent of respective salary figure, 451 others, not covered by the Bonus Act, will receive Rs 14,500 each, as festive payment.
The new scheme formulated for calculation of special payment for four years comprised safety performance included under the parameters in addition to production target and net profit after tax.
Among others, company Managing Director, Ranaveer Sinha represented the company management while the President of TWU, Ramchandra led the workers’ side.
Ramchandra said the company, which had faced the pinch of the prevailing global meltdown, was on the path recovery.
“We are expected to overcome the recession fully by the year end, if the policies announced by the union government to face the downturn including development of infrastructure are implemented soon”, he added.
Telcon, a 60:40 joint venture company between Tata Motors and Hitachi, was the first company to announce the annual bonus so far this year.
—Agencies