TRF pays 20 per cent bonus
16 Sep 2009
The management of TRF Limited and the Tata Robins Fraser Labour Union today signed an agreement for payment of a 20-per cent productivity-linked bonus for the accounting year 2008-09.
The agreement is based on a formula linked to productivity, turnover and profitability of BMHE and BMHS divisions, which was agreed to for the accounting years 2007-2008, 2008-2009 and 2009-2010 between the management and the union on 27 September 2007.
In accordance with the said agreement, eligible employees will receive 20 per cent bonus / ex-gratia of their respective actual earnings (basic + DA) earned during the accounting year 2008-2009.
The minimum bonus / ex-gratia works out to Rs10,488 and maximum bonus / ex-gratia amount which eligible employee(s) will receive works out to Rs39,896.
The company has made arrangements to disburse the bonus immediately from 17 September 2009 ahead of the festivals.