Tata Steel Jamshedpur: ISWP, Jemco to have 13.32 % bonus

Jamshedpur, October 7: Employees of Tata Steel’s subsidiary Indian Steel and Wire Product (ISWP, old name Wire Company) and its subsidiary Jemco Company will get about 13.32 percent bonus.

The bonus agreement was signed between the management and the union on Friday. Under the agreement, Rs 1 crore 92 lakh will be distributed between Jemco and 540 employees of the wire company.

Minimum amount will be Rs 15,500 and maximum Rs 54,000. The bonus amount will be sent to the bank accounts of the employees on October 10.

On the special request of union president Rakeshwar Pandey, the company’s managing director Abhijeet Nanoti agreed to give an extra Rs 35 lakh.

Under the formula, there has been a decrease of 40 thousand tonnes in the production of rod and wire mills in the last financial year.

According to the fixed formula, due to the bonus being 11 percent, the amount was Rs 1 crore 57 lakh. Due to receipt of Rs 35 lakh as separate bonus amount, the bonus amount increased to approximately Rs 1 crore 92 lakh. In the year 2022, there was a bonus of 19.70 percent. Rs 2.47 crore were distributed among the employees under bonus item.