Tata Steel Jamshedpur bonus agreement on existing norm

Jamshedpur, September 3: Bonus settlement of Tata Steel employees is likely to be held on Monday.

A mutual agreement has almost been reached between the management and the union regarding the bonus.

According to sources, the bonus agreement will be finalized on Monday. Apart from Tata Steel Management, Tata Workers Union, the Deputy Labor Commissioner will also sign this agreement.

According to sources, this year also the employees are going to get only 20 percent bonus. Last year, along with 20 percent bonus, the employees got an additional benefit of Rs 20,0000.

However, in Tata Steel the bonus settlement is not based on percentage. A lump sum amount is given towards the bonus of the employees. After this, the bonus amount is paid according to the attendance of the employees and their pay scale.

It is on the basis of this payment that it is assessed that how much percentage bonus has been received this year.

According to sources, about Rs 325 crore (estimated) is going to be received this year under the bonus of the employees, which will be the highest bonus amount in the history so far.

Last year itself, an agreement was reached in which it was decided that the formula reached with the union headed by R Ravi Prasad, former president of Tata Workers Union, would be implemented till 2024. On the basis of this formula, the bonus is going to be settled this year also.