MEMORANDUM OF AGREEMENT BETWEEN TRADING CORPORATION OF PAKISTAN LTD AND TRADING CORPORATION OF PAKISTAN EMPLOYEES UNION - 2012
(UNDER THE PROVISIONS OF THE IRA, 2013)
1.NAME OF PARTIES
i) M/S. TRADING CORPORATION OF PAKISTAN LTD.
Finance & Trade Cetnre, Shahra-e-Faisal, Karachi
(hereinafter called the “Coporation”)
ii) TRADING CORPORATION OF PAKISTAN EMPLOYEES UNION.
Officially registered and acting as the only Collective
Bargaining Agent for and on behalf of the employees of the
Corporation at Karachi.
(hereinafter called the “Union”) of the other part.
2. REPRESENTING CORPORATION
Bashir Ahmed - General Manager (GA & HR)
3. REPRESENTING THE UNION
i) Mr. M. Shahnawaz Satti - President
ii) Mr. Liaquat Ali Khan - Sr. Vice President
iii) Syed Muhammad Hasnain - Vice President
iv) Mr. Dawar Shahzad - General Secretary
v) Mr. Muhammad Shafique Khan - Sr. Joint Secretary
vi) Mr. Zarwar Khan - Joint Secretary
vii) Mr. Laeeq Ahmed - Treasurer
SHORT RECITAL OF THE CASE
WHEREAS the Union requested the Corporation for payment of Profit Bonuses under clause 10-C (4) of the Standing Order Ordinance 1968, for the financial year 2012-13 in addition the bonus under Section 10-C (1) of the Standing Orders Ordinance, 1968.
AND WHEREAS the Corporation after giving due consideration to this request held discussion and negotiations with the Union has agreed to the request of the Union for payment of Profit Bonus in terms specified hereunder for the financial year 2012-13 (1st July, 2012 to 30 June, 2013).
AND WHEREAS as a result of Corporation’s consideration/Agreement a settlement has been reached between the Corporation and the Union on the request made by the Union for payment of Profit Bonus in lieu of any other kind of Bonus except the Bonus Payable under the provisions of Law (under Standing Orders Ordinance) for the aforesaid financial year 2012-13.
NOW, THEREFORE, this Agreement witnessed as follows:-
PAYMENT OF PROFIT BONUS
a) The Corporation will pay for the aforesaid financial year i.e. 2012-13 a Profit Bonus to all permanent workmen up to the level of Assistant Manager of the Corporation, but excluding the deputationists and those on the payroll of the Government of Pakistan presently assigned to the Corporation and all other employees;
b) The quantum of the above said profit bonus in respect of the aforesaid financial year will be equivalent to one month’s gross pay drawn by workmen as on June 30, 2013.
c) The said Profit Bonus shall be paid to the permanent employees concerned on the basis of one month’s gross pay on the occasion of Eid-ul-Azha, 2013.
d) Proportionate Profit Bonus will be paid to those workmen who have rendered more than three months but less than one year’s service during the aforesaid financial year ending on June 30, 2013.
e) Payment of the Profit Bonus shall be in addition to the statutory Bonus paid to workmen under provisions of Standing Orders Ordinance for the aforesaid financial year ending on June 30, 2013.
UNDERTAKING
The Union agrees and undertakes not to raise any demand or dispute in respect of payment of this or any kind of bonus. The Union also agrees and undertakes to abide by the terms of Agreement will remain operative and binding in respect of “Bonus” payable and paid for the financial year ended on June 30, 2013. Thereafter, this agreement shall cease to be operative.
IN WITNESS WHEREOF THE parties hereto have set their hands this 04th day of October, 2013.
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