Bonus amount to be transferred to employees account by Sept 26: R Ravi Prasad
Jamshedpur, Sept. 24: Tata Steel today announced an annual bonus of Rs 239.61 crores for its eligible employees for the year 2018-�19. Annual bonus of 15.86 percent will be provided to the employees. 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.
For divisions at Jamshedpur including Tubes Division, an amount of Rs 131.22 crore will be distributed as annual bonus amongst 13,675 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.
As the top three of Tata Workers Union including President R Ravi Prasad, General Secretary Satish Singh and Deputy President Arvind Pandey arrived at the union premises they were accorded a warm welcome by the committee members. The committee members garlanded the top three TWU officials and praised the bonus agreement.
“Till date this is the best bonus agreement in the history of Tata Steel. This is the second time in a row that 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 the TWU President credited performance, productivity, Tata Steel employees, company management and union officials for the best ever bonus agreement.
“The bonus amount will be transferred to employees account by September 26 and I urge the employees to save the bonus money for their future and children�s education,” added Prasad.
It may be noted that earlier 20 percent bonus of basic and DA was provided to the employees. In 2012 when PN Singh was the President of the Union it was decided by consensus that bonus on percentage would not be given.
Last year 14,057 employees were in Jamshedpur but this time the count is 13,675. In the year 2016 there were 15, 575 employees including those of Tube Division, T and NS Grade employees. Though the employees� strength has decreased the bonus amount has increased with every passing year. Last year bonus pay out was Rs 106.36 crore and this time around the amount has gone up to Rs 131.22 crore.
It may be noted that grade revision agreement was held on Monday, September 23.
