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Tata Motors announces 10 percent annual bonus

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Jamshedpur: Bonus and Permanency Agreement were signed between Tata Motors management and Telco Workers Union on Friday.

It was mutually agreed that all permanent workmen would be getting an amount equivalent to 10 % of the annual salary or wages consisting of Basic plus Personal Pay along with Dearness Allowance earned by them during the accounting year 2014-15.

The agreement was signed by the TWU  Union Officials and Sr. Executives at Tata Motors Conference Hall on Friday.For all permanent workmen who were on the roll of the company in 2014-15 and continue to be on roll on date of signing of the agreement, the minimum amount payable under this agreement is Rs. 14,135/-, maximum amount payable is Rs. 30,221. and average amount payable is Rs. 24,500.

The amount payable shall be disbursed to eligible workmen within one week. According to Company’s press release out of the 10 %, an amount equivalent to 8.33% of the wage or salary comprising of Basic plus Personal Pay plus Dearness Allowance earned by the workmen in the accounting year 2014-15, will be treated as “Statutory Bonus”/ “Special Payment” and shall be payable on pro rata basis to all the permanent workmen along with all eligible employee.

According to spokesperson despite extreme financial hardship that the company is passing through since last 2 – 3 years, it has yet been agreed to induct 321 nos of temporary employees on permanent rolls of the company. All formalities for induction will be completed within one month.

Despite the extra-ordinary financial hardship in the year under reference, the bonus agreement arrived at between the Management and the Union was hailed by all employees.

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