The trade unions have signed a wage agreement with the management for the employees of Rashtriya Ispat Nigam Limited, the corporate entity of Visakhapatnam Steel Plant as well as the Steel Authority of India Limited (SAIL).
SAIL Chairman S.K. Roongta and others signed the agreement. On behalf of RINL management, Director (personnel) Y. Manohar was present. Visakha Steel Workers' Union president and AITUC leader D. Adinarayana represented the trade unions from the city.
As per the agreement, VSP employees will get 21 per cent minimum guaranteed benefit, half increment on new basic with effect from January 1, 2007, 3 per cent increment under open-ended scale and car advance for S-9 and above grade.
Keywords: Wage pact