Minimum and maximum bonus Rs 34,764 and Rs 2,68,767 respectively
Mail News Service
Jamshedpur, Sept 24: Tata Steel today announced an annual bonus of Rs 239.61 crores for its eligible employees for the year 2018-19.
The company will pay 1.5 per cent of its net profit which is Rs 8207 crore as annual bonus, Tata Workers Union President R Ravi Prasad said.
Out of the total payout for Divisions at Jamshedpur including Tubes Division, an amount of Rs 131.22 cr will be distributed as annual bonus amongst 13675 employees at the rate of 15.68 per cent. The minimum (at full attendance) and maximum annual bonus payable for 2018-19 will be Rs 34,764 and Rs 2,68,767 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.
Last year, the total bonus payout was Rs 203.24 crore. The number of employees who received bonus was 14,057.
�The union and management mutually agreed to revise the existing annual bonus scheme and make it applicable for financial years 2017-18, 2018-19 and 2019-20 to pay annual bonus based on 1.5 per cent of net profit (i.e. net profit minus net profit as per audited annual accounts for the year minus earnings from exceptional items) plus and amount arrived based on performance achievement on profitability (profit per ton of saleable steel), productivity (tons of crude steel per employee per year) and safety (LTIFR) parameters to be distributed as annual bonus to all eligible employees of different locations of the company,� said a company spokesperson.
