Jamshedpur, Sep 23, 2013: A Memorandum of Agreement dated 23rd September, 2013 was signed today between Tata Growth Shop and the Tisco Mazdoor Union, for the Annual Bonus for the accounting year 2012-2013.
For Growth Shop, an amount of Rs 3 Cr approx will be distributed amongst 440 employees. The minimum and maximum annual bonus payable for 2012-13 will be Rs 18986/- and Rs 1,19,287/- respectively.
Since majority of the employees of the company are drawing salary/wages higher than the limit laid down in the Payment of Bonus Act, 1965, they are not eligible for bonus under the Act. However, respecting the old traditions, the Company is going to pay bonus to all employees in the unionised category.