Jamshedpur, Aug. 31: After series of meeting the management of Tata Steel and Tata Workers Union finally signed a settlement on August 31, 2017 for the payment of Annual Bonus for the accounting year 2016-17. This is the first time that bonus agreement has been signed in the month of August.
The total payout companywide is Rs 165 crore of which 97.96 crore will be total payout on account of bonus at Jamshedpur. Comparing it with last year there has been an increase in Rs 35 crore total payout companywide.
The team of Tata Workers Union led by President R. Ravi Prasad had tough time convincing the management for a reputable bonus agreement as company management insisted on Rs 144 crore as total amount for annual bonus.
The top three of the Union including President R. Ravi Prasad, General Secretary BK Dinda and Deputy President Sanjeev Kumar Choudhary held series of meetings with the company management ever since their return from the Tata Steel’s Annual General Meeting held in Mumbai on August 8.
After the bonus agreement was signed on Thursday, top three of Tata Workers Union along with the office bearers, committee members and several company employees crowded the Tata Workers Union office in Bistupur and seemed content with the bonus agreement.
‘We held series of meeting with the company management and wanted the bonus agreement to be done as early as possible as Durga Puja celebrations this year is also a bit early when compared to previous years.
Ever since we returned from the AGM we were pressurizing the management for an early bonus and after doing all the calculations the total amount worked out to Rs 144 crore’, said, R. Ravi Prasad, President of Tata Workers Union.
Addressing a press meet at the Union office on Thursday evening, Prasad further said, after doing the total calculation the amount was increased to Rs 160.5 crore and on request of the union it was decided to grant Rs 4 crore for winning Prime Minister Trophy for the year 2013-14.
The total amount added upto Rs 164.5 crore and was rounded off to Rs 165 crore, added Prasad.
‘Itís a respectable bonus agreement as Rs 35 crore has been added to the total payout when comparing it to last year.
The employees and committee members are quite happy with the bonus agreement and the amount will be transferred to their bank accounts by September 7’, noted Prasad.
Present at the press meet, B.K Dinda, General Secretary of the Union said, the bonus amount has increased and itís an admirable agreement done for the interest of the employees.
Deputy President of the Union, Sanjeev Choudhary said, itís a fine bonus agreement done and Rs 97.96 crore will be payable to employees in Jamshedpur.