Timken Jamshedpur employees to receive 19.75% Bonus, maximum payout of Rs 1.40 Lakh

Mail News Service

Jamshedpur, Sep 25: Timken employees will receive a 19.75% bonus this year, following a successful agreement signed on Tuesday between the company’s management and Timken Workers Union. Initially, the bonus was calculated at 19.25% based on the set formula, but after a request from the union, the management agreed to an additional 0.5%, raising the total to 19.75%.

A new bonus formula for 2024-2025 has also been established, based on profit (before tax) and plant matrix parameters. Under the current agreement, employees will receive a maximum bonus of Rs 1.40 lakh and a minimum of Rs 95,000. The bonus will be credited to employee bank accounts along with their September salaries.

The bonus agreement was signed by senior management, including General Manager Plant Operation Rajeev Saswat and GM HR Dinesh Singh, along with key union members led by President Astik Mahato and General Secretary Vijay Yadav. Both union leaders expressed confidence that the 19.75% bonus will motivate employees to perform even better in the coming year.