BEML announces wage settlement

BANGALORE: Defence PSU BEML has concluded a wage settlement with four of its employee unions. The settlement will be in force for a period of ten years with effect from January 1, 2007. Some 9,382 employees will benefit from the settlement. The exercise will cost BEML Rs 60 crore per annum.
Employees had been on various forms of strike over the past few months over the wage revision issue.
The total wage revision benefit comprises of 25% fitment benefit, increase equivalent to 5% fitment, allowances, enhancement in service weightage, introduction of special pay and upward revision in incentives and other benefits. Notable among them is a life insurance coverage of Rs 4 lakh.
There is also an increase in post retirement medical insurance coverage, setting up of computer kiosks at every manufacturing complex, and a computer grant of Rs 10,000.