Sunday, November 27, 2022

Tata Steel announces Rs 203.24 crore annual bonus

Minimum bonus Rs 26,130, maximum Rs 1,99,723

Jamshedpur, Aug 22: Tata Steel today announced an annual bonus of Rs 203.24 crores for its 27,835 eligible employees for the year 2017-18. The company will pay 1.5 per cent of its net profit which is Rs 6682.49 crore as annual bonus, union sources said.

Out of this, for Divisions at Jamshedpur including Tubes Division, an amount of Rs 106.36 Cr (approx.) will be distributed as annual bonus amongst 14057 employees at the rate of 12.543 per cent. The minimum (at full attendance) and maximum annual bonus payable for 2017-18 will be Rs 26,130 and Rs 1,99,723 respectively.
The Memorandum of Settlement was signed between Tata Steel and Tata Workers’ Union. T V Narendran, CEO & MD, Tata Steel, Anand Sen, President, TQM & Steel Business, Tata Steel, Suresh Dutt Tripathi, Vice President, HRM, Tata Steel and other senior executives signed on the Management’s behalf and R Ravi Prasad, President, Tata Workers’ Union, Arvind Kumar Pandey, Dy. President, Tata Workers’ Union, Satish Kumar Singh, General Secretary, Tata Workers’ Union and other office bearers signed on Union’s behalf in presence of Rakesh Prasad, Conciliation Officer and Deputy Labour Commissioner, Jamshedpur.

Since majority of Tata Steel employees are drawing salary or 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 the old traditions, the Company is going to pay bonus to all employees in the unionised category, said a company spokesperson.

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

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