Jamshedpur: 239.61 cr bonus payout for Tata Steel employees

The minimum and maximum annual bonus payable for 2018-19 will be Rs 34, 764 and Rs 2,68,767 respectively. 

Jamshedpur, Sept. 24: Tata Steel today announced an annual bonus of Rs 239.61 crores for its eligible employees for the year 2018-19.

The company will pay 1.5 per cent of its net profit which is Rs 8207 crore as annual bonus, Tata Workers Union President R Ravi Prasad said.

Out of this, for Divisions at Jamshedpur including Tubes Division, an amount of Rs 131.22 cr will be distributed as annual bonus amongst 13675 employees at the rate of 15.68 per cent. The minimum (at full attendance) and maximum annual bonus payable for 2018-19 will be Rs 34,764 and Rs 2,68,767 respectively.

The Memorandum of Settlement was signed between Tata Steel and Tata Workers� Union. T V Narendran, CEO & MD, Tata Steel, Anand Sen, President, TQM & Steel Business, Tata Steel, Suresh Dutt Tripathi, Vice President, HRM, Tata Steel and other senior executives signed on the Management�s behalf and R Ravi Prasad, President, Tata Workers� Union, Arvind Kumar Pandey, Dy. President, Tata Workers� Union, Satish Kumar Singh, General Secretary, Tata Workers� Union and other office bearers signed on Union�s behalf.

“Till date this is the best bonus aggrement in the history of Tata Steel. Second time in a row the bonus amount has exceeded Rs 200 crore. Last year the total bonus pay out was Rs 203.24 crore. The three year bonus formula will be applicable next year also,” said Tata Workers Union President R Ravi Prasad.

Addressing a press conference at Tata Workers Union office on Tuesday TWU President credited performance, productivity, Tata Steel employees, company management and union officials for the best ever bonus aggrement.

“The bonus amount will sent to employees account by September 26 and I urge the employees to save the bonus money for their future and childrens education, ” added Prasad.