Date:04/11/2004 URL: http://www.thehindubusinessline.com/2004/11/04/stories/2004110401911705.htm

Back Coromandel Fert signs pact

Our Bureau

VISAKHAPATNAM: Coromandel Fertilisers Ltd here has signed a five-year prospective comprehensive production and performance incentive settlement with the union, to be effective from April 1, 2004.

In a press release, the management said the agreement had been signed here on Tuesday before the Deputy Commissioner of Labour. Under the agreement, 500 non-management staff would receive an incentive ranging from Rs 16,500 to Rs 26,800 on full achievement of targeted production over the next five years.

Under the scheme, the union assured the management to strive for increasing the production from 7.75 lakh tonnes to one million tonnes. For the year ended March, the management announced payment of Rs 14,000 including production incentive, special pay and a one-time goodwill gesture amount.