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Bayer India increases staff salaries at Powai head office and Thane facility
Manju AB
MUMBAI, February 20: Bayer India has hiked officers' salaries at its Powai head-office and Thane factory. The officers will now get an average salary of over Rs 13,000 per annum. Besides, the company is also offering new loans and increasing the existing housing and vehicle loan amounts. Under the new salary structure the officers will include supervisory staff, officers and engineers. The minimum salary of the officers after this settlement will be Rs 13,300 and a maximum Rs 27,700.With a spate of revision in salaries, wages and bonus, along with provident fund, gratuity fund, superannuation scheme and state insurance welfare expenses of the company - which stood at Rs 352,398 in 1996 - are likely to rise further during next financial year. The medical reimbursement allowance has got a robust boost from Rs 5,390 to Rs 10,000. Leave travel allowance has gone up from Rs 5,500 to a Rs 6,700 maximum limit. The national savings certificate allowance by the company has gone up to Rs 2,400 from Rs 1,800.Professional allowance for books and magazines has gone up to Rs 2,652 from Rs 1,200 annually. There is also a performance award along with the bonus which stands at Rs 11,000 per annum. The new loans and the revised loans offered include: A housing loan with interest subsidy increased from Rs 1 lakh to Rs 2 lakh. A new loan of Rs 50,000 for renovation or furnishing of house, marriage or higher education of children etc. Telephone rent reimbursement and an advance of Rs 3,000 for booking a new telephone installation. Gratuity in addition to the payment as per the Gratuity Act. Vehicle loan revised from Rs 35,000 to Rs 45,000 and emergency loan amount revised from Rs 35,000 to Rs 45,0000.The settlement was signed between the president of the supervisory staff association Dada Samant and managing director AP Mcgilvray. This settlement is with retrospective effect - from July, 1995, to September 30, 1998. The officers will thus get arrears of 31 months amounting to Rs56,000 to Rs 76,000 each. With this settlement, the supervisory staff, officers, engineers are now placed into two grades - 05 senior officer and 02 officer. An average increase in basic pay with corresponding slab-variable dearness allowance will be Rs 852 per month. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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