Jamshedpur, Nov. 1: Tata Steel and Tata Workers’ Union (TWU) today signed a memoranda of settlement for wage revision and other allied matters for employees of its Jamshedpur units, including Tubes Division.

The settlement would benefit workmen and supervisors who had been covered by earlier settlements on December 17, 2001.

Tata Steel managing director B. Muthuraman, TWU Raghunath Pandey, senior executives of the company and union office-bearers signed the settlement in the board room here in the presence of conciliation officer and Jamshedpur deputy labour commissioner.

According to a company spokesperson, the period of settlement would be 10 years from January 1, 2007, to December 31, 2016. The revised minimum monthly wage in the settlement for the lowest paid employees as on 1-1-2007 would be Rs 8,080 (basic pay in workmen category) and Rs 12,720 (in supervisory category). The existing flat rate of increment will on a per cent basis at 3 per cent of the basic salary of the employee on a cumulative basis subject to a maximum of 3 per cent of basic salary at the maximum of the respective grade, the spokesperson stated.

The minimum guaranteed benefit per month in the basic salary of each employee is 33 per cent of the basic salary as on December 31, 2006.