Memorandum of Settlement - 1989

Abstract

Terms of the settlement include revision of pay scales and basic rates of wages and DA, incentive bonus scheme, HRA increased to Rs.140 per month, retirement benefit enhanced to Rs. 7200, educational allowance increased to Rs. 300 per annum, LTA to Rs. 750 per annum, the establishment of a heart and kidney fund for employees with the contribution of Rs. 2 from each workman, housing loan allowance expanded to cover 1200 instead of 1000 employees, modification of working hours, and setting a 5-day working week, productivity targets, etc.