Jamshedpur Bonus: Rs 3.19 Crore bonus payout to 245 Tata Steel Growth Shop employees  

Jamshedpur, Sep 4: The Tata Steel management and Tisco Mazdoor Union signed a Memorandum of Settlement on Monday, September 4, 2023 for payment of Annual Bonus for the accounting year 2022-23 to employees of Tata Steel Growth Shop, Gamharia.

As per the Memorandum of Settlement the annual bonus for the year 2022-2023 the total payout for eligible employees of all applicable divisions/ Units of the Company on account of annual bonus for the year 2022-2023 will be Rs 314.70 Cr.

Out of this, for Growth Shop, an amount of Rs 3.19 Cr approx. will be distributed as annual bonus amongst 245 employees.

The minimum and maximum annual bonus payable at full attendance for 2022-2023 will be Rs 69,881/-and Rs 3,53,338/-  respectively.

Since majority of our employees of the Steel Company are drawing salary/wages higher than the limit laid down in the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonus under the Act. However, respecting our old traditions, the Company is going to pay bonus to all employees in the unionized category.

Avneesh Gupta, VP (TQM and E&P), Atrayee Sanyal, Vice President (HRM) and other Sr. Executives signed on Management’s behalf and Rakeshwar Pandey, President, Tisco Mazdoor Union, Shio Lakhan Singh, General Secretary, Tisco Mazdoor Union, and the other office bearers signed on Union’s behalf.