Tata Steel UISL to pay Rs 7.37 cr in bonus for FY21-22

Mail News Service

Jamshedpur, Sep 15: Tata Steel UISL today announced an annual bonus of Rs 7.37 crores for its eligible personnel for the year 2021-22.

“Bonus entitlement is based on the Company’s performance on various parameters such as Profit before taxes (PBT), Safety performance, compliance to complaints, Top Box, Transmission and 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,” said a company spokesperson.

“It may be noted that like in the previous year, the pay -out  of bonus for FY ’22 was worked out on the basis of the agreed upon bonus chart for FY ’20 which came to  Rs 7.23  crores. However, mainly in recognition of the contribution of employees during the very difficult period of April- June 2021, it was decided to increase the bonus pay-out to Rs 7.37 crores,” said a company statement.

Annual Bonus amount would be disbursed in the coming days to the 686 eligible personnel considering the onset of the festive season.

Sources said this year the company is paying Rs 94 lakh more bonus as compared to last year. The union had no role in finalizing the bonus and this year’s bonus is the best in the last five years, sources said. Last year the minimum and maximum bonus was Rs 33,557 and Rs 2.58 lakh. In 2020, maximum bonus was Rs 2.21 lakh.