JCAPCPL, a joint venture between Tata Steel and Nippon Steel, signs an agreement with its workers’ union for a performance-based incentive scheme. Employees will receive monthly amounts based on production sales, benefiting from the company’s record automotive sales.
Jamshedpur – JCAPCPL, a joint venture between Tata Steel and Nippon Steel, has reached a significant agreement with the JCAPCPL Workers Union on Wednesday.
The agreement focuses on implementing an employee incentive scheme based on production and sales performance. The scheme aims to reward employees for better production sales in JCAPCPL, with payments scheduled every three months.
The incentive scheme has been designed to reflect the performance and sales achievements of the company.
In the recently concluded financial year 2022-2023, JCAPCPL achieved a remarkable milestone of 2 million tonnes of cold rolled sheet sales, setting a new record in the automotive sector.
Under the agreement, employees will receive incentive amounts based on two blocks determined by their respective grades within the company.
The lower block will receive Rs. 1900 per month at 100% production, while the upper block will receive Rs. 2000 per month at 100% production.
The incentive payments will be made every three months. The agreement will be effective for a five-year period starting from the financial year 2022, with a subsequent review planned.
JCAPCPL holds the distinction of being the only company in India to be awarded three times by Toyota for Zero Customer Complaints.
During an address to the employees, Managing Director Ujjwal Chakraborty acknowledged the exceptional performance of the workforce in the previous financial year and emphasized that the benefits of their hard work should be extended to all employees.
Union President R Ravi Prasad expressed gratitude to the management for reaching a favorable settlement and ensuring better conditions for the workforce.
