Saturday, December 4, 2021
spot_img
Array

Tata Steel announces annual bonus, minimum payout Rs 20,498

Jamshedpur: A Memorandum of Settlement dated September 7, 2014 was signed today between Tata Steel and Tata Workers’ Union for Annual Bonus for the accounting year 2013-14. T V Narendran, MD, Tata Steel, India & SEA and other Senior Executives, on behalf of the Management and P N Singh, President, Tata Workers’ Union, and the other office bearers, on behalf of the Union signed the memorandum. The bonus agreement was also signed for several other divisions of the company including TGS and mines division.

As per the Memorandum of Settlement, the total payout for 30269 eligible employees of all applicable divisions/ units of the Company on account of annual bonus for the year 2013-2014 will be Rs 193.34 crores.

Out of this, for divisions at Jamshedpur including Tubes Division, an approximate amount of Rs 109.67 crores will be distributed as annual bonus amongst 16,687 employees. The minimum and maximum annual bonus payable for 2013-14 will be Rs 20,498 and Rs 1, 56,758 respectively.

Since majority of the company employees are drawing salary or wages higher than the limit laid down in the Payment of Bonus Act, 1965, they are not eligible for bonus under the Act. However, respecting the old tradition, the Company is going to pay bonus to all employees in the unionized category.

In a communiqué signed by MD, Tata Steel, India & SEA and President, Tata Workers’ Union, all the employees are being informed about the payment of annual bonus.

A Memorandum of Agreement was also signed between Tata Steel and the Tisco Mazdoor Union, for Annual Bonus for the accounting year 2013-14.

S D Tripathi, VP, HRM, Tata Steel, Prakash Singh, EIC, Growth Shop and other senior executives on behalf of the Management and Rakeshwar Pandey, President, Tisco Mazdoor Union, Adityapur, Shio Lakhan Singh, General Secretary, Tisco Mazdoor Union, Adityapur and the other office bearers on behalf of the Union signed the agreement.

As per the Memorandum of Settlement, the total payout for 30269 eligible employees of all applicable divisions/ units of the Company on account of annual bonus for the year 2013-14 will be Rs 193.34 crores.

Out of this, for Growth Shop, an approximate amount of Rs 2.87 crores will be distributed amongst 464 employees. The minimum and maximum annual bonus payable at full attendance for 2013-14 will be Rs 21647 and Rs 130597 respectively.

Leave a Reply

Stay Connected

5,000FansLike
2,000FollowersFollow
8,000FollowersFollow
- Advertisement -spot_img

Latest Articles