Employees to Receive Rs 10,000 Monthly Salary Increase
The pending wage revision agreement for employees of Tata Steel-operated Indian Steel and Wire Products (ISWP) and JEMCO was successfully finalized on Tuesday.
JAMSHEDPUR – Employees at Tata Steel’s ISWP and JEMCO will receive a significant salary increase after the successful completion of the pending wage revision agreement.
The agreement was signed by MD Abhijit A Nainoti, Vice President Rod and Wire JK Singh, Vice President Finance UN Mishra, Vice President Purchase Vijayant Kumar, CHRO Shilpi Shivangi, and Manager HR Aditi.
The union representatives present at the meeting were President Rakeshwar Pandey, Deputy President Shrikant Singh, General Secretary Pankaj Singh, Dani Shankar Tiwari, Amrik Singh, Manjeet Singh Minte, Gurvinder Singh, Manjeet Singh, Anwar Siddiqui, Jemco Union General Secretary Amit Sarkar, Manjeet Singh, Manoj Kumar, Sameer Mahato, Ramesh Kumar, and Ravindra Singh.
As part of the agreement, employees will be given an extra Rs 10,000 every month.
There has been an increase of Rs 3000 per month in the minimum guaranteed benefit (MGB).
This agreement will be in effect for a period of seven years, starting from April 1, 2023. It will directly benefit a total of 260 employees.
Employees will now receive a monthly pay scale ranging from Rs 62,000 to Rs 72,500.
We have made improvements to the long service award for our employees.
Starting now, employees who have dedicated 25 years of their lives to the company will be rewarded with an increased amount of Rs 3000, double the previous amount of Rs 1500.
Individuals who have been serving for three years will experience a significant rise in their pay, with the amount increasing from Rs 3000 to Rs 6000.
Employees who have dedicated 35 years of their lives to the company will now be rewarded with an increased amount of Rs 9000, instead of the previous amount of Rs 6000.
Employees who have dedicated 40 years of service will now receive an increased long service award of Rs 12,000, up from Rs 8000.
