Sunday, March 26, 2023

Tata Steel UISL to pay Rs 6.43 crore bonus to 706 employees


Employee to get minimum bonus of Rs 33,557, maximum Rs 2,58,000

Jamshedpur, Sep 27: Tata Steel Utilities and Infrastructure Services Limited (formerly JUSCO), a subsidiary of Tata Steel has agreed to pay an annual bonus of Rs 6.43 crore for its 706 employees for the accounting year 2020-2021, according to a press communique issued by the company.

It may be noted that in the absence of an agreement with the Union on account of the fact that elections have not been held post expiry of the earlier Committee’s tenure, the disbursement of bonus for FY’21 was worked out on the basis of the agreed upon bonus chart for FY’20. The amount earned on the basis of performance on the bonus parameters came to Rs. 6.281 Crores.

The press communique stated that the company management in recognition of the employees’ efforts in ensuring uninterrupted services in the City during the Pandemic as also its standout performance in various areas viz best ever ranking in Swachh Bharat Sarvekshan, highest waste water re-cycling, best ever score in TBEM and best ever annual compost production increased the bonus amount to Rs. 6.43 Crores.

The minimum (at full attendance) and maximum annual bonus payable for 2020-21 will be Rs 33,557 and Rs 2,58,000 respectively.

Bonus entitlement is based on the Company’s performance on various parameters such as PBT, Safety performance, compliance to complaints, Top Box, Transmission & Distribution loss, overall unaccounted for water, customer satisfaction index, repeat complaints, productivity and total productive maintenance, good performance on all of which help the company achieve its strategic goals and objectives.

Annual Bonus amount would be disbursed in the coming days to all eligible employees considering the onset of the festive season.

Last year, Rs 6.08 crores bonus was disbursed by Tata Steel UISL for its eligible employees for the year 2019-20. The maximum annual bonus payable was Rs 2,21,620.

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