Bonus agreement with JUSCO Shramik Union (JSU) - 2007

Jamshedpur
September 24, 2007

Jamshedpur Utilities and Services Limited (JUSCO) announced an annual bonus of 20 % for the accounting year 2006-07 to its employees after an agreement with JUSCO Shramik Union (JSU) before the Conciliation Officer and Deputy Labour Commissioner, Jamshedpur, Mr Ram Pravesh Singh.

The Memorandum of Settlement was signed by JUSCO's Managing Director, Mr Sanjiv Paul and Mr V. D. Gopal Krishna ,President , JSU and Mr. Ram Pravesh Singh in a meeting held on September 24, 2007 at 5.30 pm in the Board Room of JUSCO's corporate office. The Senior management team of JUSCO and Union office bearers were the other signatories.

It may be noted that this is the first time since JUSCO's inception in 2004 that a separate agreement has been reached on annual bonus between the Management and the Union.

Vide the Memorandum of Settlement, while 20% Annual Bonus will be paid to eligible employees for good performance of the Company during 2006-7,Bonus for the subsequent three years ,to begin with , will be paid on the basis of mutually agreed upon performance parameters.

Annual Bonus for the accounting year 2006-07 will be paid to 1214 employees including 36 retired employees.

The total payout on account of Annual Bonus will be Rs 3.70 crores. The minimum amount of Bonus to an employee will be Rs 4,934/- while the maximum amount will be Rs 60,548/-. The Bonus amount will be sent to employees' bank accounts by Saturday, September 29, 2007.

Mr R. P. Singh, the Conciliation Officer was fulsome in his praise for the memorandum of Settlement and congratulated the Management and the Union of JUSCO for arriving at such a meaningful and forward looking agreement.

Corporate Communications
JUSCO