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Olikkadhir July '10

Olikkathir_July10

NLC Wage Revision MOU Reached

We have furnished herewith the salient features of the agreement. LPF and PTS both the unions signed the agreement.

Wage Revision w.e.f 1-1-07
Periodicity 5 years – upto 31st Dec 2011
Minimum Wage Rs 9800
Fitment Basic as on 31-12-06* 1.782* 1.25 that is 25% hike at 78.2 DA merger
Annual Increment 3% ( 1st Jan, 1st July)
On promotion one notional increment
Service Weightage 3 % -one increment w.e.f 1-9-09
One additional increment w.e.f 1-6-07
HRA from the date of agreement 30%, 20%, 10%
CCA stands dispensed with
Revised rate of allowances w.e.f 1-9-09
Multi purpose Loan max. 1 lakh at 9% interest- 24 installments
Promotion Channel issues- Committee will be setup to recommend
Gratuity - @ 15 days (basic+da) up to 30 years and one month pay beyond 30 years (for every completed year beyond 30)

Revised Scales
Grade
Existing
New Scales
W1
4900-7540
9800-27090
W2
5000-7880
10000-27560
W3
5150-8270
10300-28390
W4
5300-8660
10600-29240
W5
5500-9100
11000-30320
W6
5750-9690
11500-31670
W7
6050-10130
12100-33340
W8
6395-10715
12800-35210
E0
8300-13940
15300-362660
E1
8600-14600
15800-37460
E2S
9850-14600
16200-38400

Pension Crisis