Despite a steep downturn in the net profit last quarter due to global meltdown, the world's sixth largest steel producer Tata Steel has given yet another salary hike to a section of its India operations employees.
The company, which increased the wages of around 16,000 employees on November 1 last, signed yet another wage revision agreement with the Tata Workers Union (TWU) last evening here to give a minimum guaranteed hike of Rs 1,000 per month in the basic salary of around 700 odd employees under T-grade of its Jamshedpur plant, the sole operational unit of the company in India.
The memorandum of settlement, signed by chief operating officer of the company H M Nerurkar and the president of TWU Raghunath Pandey, will also increase the rates of increment, dearness allowance, house rent allowance, leave travel concession and transport allowance.
Mr Pandey told UNI here today that the hike would be applied with retrospective effect from November 1, 2008. The company had earlier increased the wages of the employees of its subsidiary high precision equipment manufacturer Tata Growth Shop in December last year.
The company has seen a steep decline of more than 54 per cent in its net profit during the last quarter of the current fiscal.
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