Timken Company Jamshedpur inks 20 % bonus deal

Jamshedpur, September 23: Bonus agreement between Timken Company management and Timken Workers Union of Jamshedpur for its employees for 2022-2023 was inked on Friday.

The employees will get 20 percent bonus, whereas this year’s bonus was coming at 19.8% as per the fixed formula, but the management on request of the union decided to give additional 0.2%.

Along with this, a bonus formula has been made between the management and the union for the next financial year 2023-2024.

In this, 17 percent has been fixed on profit (PBT) and three percent on other parameters. According to the bonus agreement, employees will get a maximum bonus of Rs 1 lakh 30 thousand and a minimum of Rs 92,000.

The bonus amount will be sent to the bank account of the employees along with the salary for the month of September.

After the agreement, the employees warmly welcomed the union officials. Timken Workers Union president Aastik Mahato and general secretary Vijay Yadav expressed gratitude towards the management for giving 20% annual bonus and advised the employees to invest the bonus amount in a good place.

Last year the maximum amount of bonus received was Rs 1.15 lakh while the minimum amount received was Rs 76,000. There was also an agreement between the union and the management to gift smart watches to all the employees of the company during the bonus. This gift was received by non-officers as well as office category employees of the company.

Last year, the bonus was 19.75 percent.

The number of non-officers in the company is approximately 550, while 212 employees of the company got the benefit of bonus. Timken India Limited has made a profit of Rs 390.74 crore during the financial year 2022-23.