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Satisfactory bonus agreement under tough market situation: R. Ravi Prasad

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Jamshedpur, Oct 7: After several rounds of meeting the management of Tata Steel and Tata Workers Union finally signed a settlement on October 7 for payment of Annual Bonus for the accounting year 2015 which may be considered as disappointing.

The total bonus amount arrived as per the existing scheme works out to Rs 154.72 crore for 2015 which has seen a drastic decrease from last year.

In the year 2014 the total amount for bonus was 193.34 crore. The new team of Tata Workers Union led by President R. Ravi Prasad had tough time convincing the management in his first bonus agreement as management insisted on Rs 134 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 were facing a tough time from the last couple of days and tried their level best to increase the bonus amount as much as possible in 8-9 hours meeting almost every day with the Tata Steel Management.

After the bonus agreement was signed on Wednesday, top three of Tata Workers Union addressed a committee meeting at Michael John Auditorium in the evening were several committee members and office bearers of the union were present and seemed content with the bonus agreement.

Later in the evening, Union President R Ravi Prasad addressing a press conference said, seeing the situation of the Steel industry we can say that it has been a good bonus agreement and the most important thing is that we convinced the management to provide bonus to the employees of the surplus pool.

“We were facing a tough time from the last couple of days and after the agreement was signed today we took a sigh a relief. The bonus amount has decreased but the company’s profit has also been reduced Rs 2004 crore in comparison to last year. The arrear amount from January 1, 2012 to September 30, 2014 has also been added to the bonus amount”, he added.

Present at the press meet, B.K Dinda, General Secretary of the Union said, “We can’t say that the bonus was very good but seeing the condition were company management has given out several reasons for decrease in profit the agreement is suitable. Steel imports from China has been the major reason for the suffering Indian Steel Industry”, Dinda added.

Deputy President of the Union, Sanjeev Choudhary said, Steel prices are the same as that of the year 2001 but cost has gone up this is the major reason behind slump in profit of the company which is shown on the bonus amount but it will be considered a fine agreement seeing the market condition.

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