Tata Steel Wage Revision Today: Employees to See Salary Hike Of ₹18,000 TO ₹22,000

 Jamshedpur: In a major development for the workforce at Tata Steel, the highly anticipated wage revision agreement is set to be finalized on Wednesday. This comes after an intense, marathon round of final negotiations that concluded late Tuesday evening. The initial draft of the agreement has already been prepared.

The high-level negotiations involved Tata Steel CEO & MD T.V. Narendran and Chief People Officer Atrayee Sanyal. The meeting, which commenced at 9:30 AM on Tuesday morning, stretched for nearly 10 hours before the final contours of the settlement were agreed upon. A few remaining points will undergo a final round of talks on Wednesday, paving the way for the official sign-off on a pact that will remain in effect for seven years.

Key Highlights of the Agreement

• MGB Percentage Fixed: The Minimum Guaranteed Benefit (MGB) for Old Series employees is set to be 10%, while NS (New Series) Grade employees will receive an MGB of approximately 12%.
• No Change in NS Grade DA: It has been decided that the Dearness Allowance (DA) per point for NS Grade employees will not be increased.
• Fixed DA Minimum Raise: The Fixed DA (FDA) is expected to see a minimum increase of around ₹250.
• Annual Increments Adjusted: The minimum annual increment for NS Grade employees, currently at ₹165, is slated to see an increase of ₹30. Additionally, the existing span for Old Series (Steel Wage) employees has been preserved.

Hike Breakdown and Allowance Surge

Following the wage revision, employees belonging to the Old Series will witness an average salary increase of ₹20,000 to ₹22,000. Meanwhile, NS Grade employees will see their monthly pay packets increase by approximately ₹18,000 to ₹19,000.

To offset rising inflation, a broad consensus has also been reached to increase overall allowances by ₹5,000 to ₹6,000.

Furthermore, a separate provision is being made for the NS Grade; employees who stay in the same position will receive an extra benefit after four years. The formal signing of this agreement is also expected to clear the path for fresh recruitments at the steel major, subject to a final review by the MD & CEO.