Mail News Service
Jamshedpur, Sep 25: Tata Steel’s Wire Division, ISWP and JEMCO, finalized a bonus agreement on Tuesday. This will be the last bonus agreement for these companies before their merger with Tata Steel, which took place in September. The agreement covers the bonus distribution up to March 2024. Moving forward, ISWP will follow Tata Steel’s bonus structure, similar to the Tinplate division.
Under the agreement, a total of Rs 2.22 crore will be distributed among 460 employees, with bonus amounts ranging from Rs 16,500 to Rs 64,500. Employees will receive approximately 15% in bonus this year. The disbursement of the bonus is expected by September 29, 2024.
The agreement was signed by senior management, including EIC Anurag Pandey, COO Satish Walekar, and Chief HRBP Kinkini Das, alongside union representatives such as Rakeshwar Pandey, President of ISWP and JEMCO Union, and other union officials. The move ensures fair compensation as the two companies transition into Tata Steel’s broader operational framework.
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