New Delhi: The management of the state owned Hindustan Aeronautics Ltd (HAL) and its workforce have signed an agreement to settle for the wage revision.

A Memorandum of Understanding (MoU) was signed at HAL Corporate Office in Bengaluru on December 10 between the HAL management and its Trade Unions. The MoU envisages revision of wage structure with effect from January 1, 2017, productivity improvement and other related matters.

As part of the wage revision, the HAL management has offered fitment benefit at 12 per cent and perks and allowances under cafeteria system (at 25 per cent for workmen in scale 1 to 10 and at 22 per cent for workmen in special scale) of the revised Basic Pay effective from January 1, 2017, besides other benefits.

Upon ratification of the Board of Directors, a tripartite settlement before the labour authorities will be executed at different locations of the company before notifying the revised wage structure.