Tata Steel signs bonus settlement, Rs 303.13 cr payout for 2024-25
PINAKI MAJUMDAR Jamshedpur, August 28: Tata Steel and Tata Workers’ Union on Thursday signed a Memorandum of Settlement for the payment…
PINAKI MAJUMDAR
Jamshedpur, August 28: Tata Steel and Tata Workers’ Union on Thursday signed a Memorandum of Settlement for the payment of annual bonus for the financial year 2024-25.
As per the agreement, the total bonus payout across all eligible divisions and units of the company amounts to Rs 303.13 crore.
Of this, Rs 152.44 crore will be distributed among around 11,446 employees of the Jamshedpur divisions, including Tubes.
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The minimum bonus (for full attendance) has been fixed at Rs 39,004, while the maximum bonus (based on actual attendance) will be Rs 3,92,213.
Although the majority of employees earn above the statutory wage ceiling under the Payment of Bonus (Amendment) Act, 2015, Tata Steel reiterated its long-standing tradition of extending the annual bonus to all employees in the unionized category.
The settlement was signed in the presence of Arvind Kumar, Deputy Labour Commissioner and Conciliation Officer, Govt. of Jharkhand.
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Signatories included T V Narendran, CEO & MD, Atrayee Sanyal, Chief People Officer, and senior executives on behalf of management, while Sanjeev Kumar Choudhary, president, Satish Kumar Singh, general secretary, and other office bearers signed for the union.
