June 9, 2017 / 9:50 AM / 2 months ago

BRIEF-Tata Motors resolves long-term wage settlement issue in Sanand

June 9 (Reuters) - Tata Motors Ltd

* Says Tata Motors resolves long-term wage settlement issue in Sanand

* Says total wage package allotted is INR 16,000/- and will be spread across LTS term uniformly

* Co also introduced a performance linked payment, which is accounted as 10% of total salary and will be linked to productivity, quality & safety

* Long-term wage settlement was amicably agreed upon, has been signed today for a period of 5 years, w.e.f October 2015 to September 2020

* Says annual bonus linked to performance covering all permanent workers was also agreed upon.

* Benefits like transport & canteen facilities, rationalization of leave rules and block closure days up to 24 days per year were agreed Source text - (The long-term wage settlement (LTS) between the Tata Motors Sanand Union and Tata Motors was amicably agreed upon and has been signed today for a period of 5 years, w.e.f October 2015 to September 2020. The total wage package allotted is Rs. 16,000/- and will be spread across the LTS term uniformly. In addition to the amount, the company has also introduced a performance linked payment, which is accounted as 10% of total salary and will be linked to productivity, quality & safety. This new measurement of performance has been well received by workmen. The Annual Bonus linked to performance covering all permanent workers was also agreed upon. Additionally, other benefits like Transport and Canteen facilities and various other facilities, like rationalization of leave rules and block closure days up to 24 days per year were mutually agreed.) Further company coverage:

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