Wednesday, October 5, 2022

Tata Steel & TWU sign annual Bonus Agreement

Annual bonus for the year 2021-2022 is Rs 317.51 Cr, total 23710 employees eligible for bonus company wide

Jamshedpur: A Memorandum of Settlement dated 9th September 2022 has been signed between Tata Steel and the Tata Workers’ Union, for payment of Annual Bonus for the accounting year 2021-2022 and subsequent accounting years up to accounting year 2023-24.

As per the Memorandum of Settlement the annual bonus for the year 2021-2022 the total payout for eligible employees of all applicable divisions/ Units of the Company on account of annual bonus for the year 2021-2022 will be Rs 317.51 Cr. This amount will be disbursed to around 23710 eligible employees company wide.

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Out of this, for Divisions at Jamshedpur including Tubes, an amount of Rs 188.64 Cr will be distributed as annual bonus amongst approx 12213 employees.

Sep. 9, 2022 Bonus agreement
Sep. 9, 2022 Bonus agreement

In view of superior company performance during financial year 2021-22 and efforts put in by all the employees during the COVID period, on request of the union a goodwill amount of Rs 20000/- per person will also be paid over and above the annual bonus amount arrived above.

The minimum (at full attendance) and maximum (at actual attendance) annual bonus payable for 2021-22 will be Rs (41,448/- +20,000/- goodwill amount) and Rs (4,58,411/- +20,000/- goodwill amount) respectively.

Also Read:  Tata Steel Mining gets Responsible Chromium recognition

Since the majority of our employees of the Steel Company are drawing salary/wages higher than the limit laid down in the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonus under the Act. However, respecting our old traditions, the Company is going to pay a bonus to all employees in the unionized category.

The Settlement was signed on 9th September 2022. Mr. T V Narendran, CEO & MD, Ms. Atrayee Sanyal, Vice President (HRM) and other Sr. Executives signed on Management’s behalf and Mr. Sanjeev Kumar Choudhary, President, Tata Workers Union, Mr. Shailesh Kumar Singh, Dy. President, Tata Workers’ Union, Mr. Satish Kumar Singh, General Secretary, Tata Workers’ Union and the other office bearers signed on Union’s behalf in presence of Mr. Rajesh Prasad, Dy. Labour Commissioner, Jamshedpur & Conciliation Officer, Govt. of Jharkhand.

Also Read:  Tata Steel Mining gets Responsible Chromium recognition

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