PINAKI MAJUMDAR
Jamshedpur, Sept 22: JCAPCPL (Jamshedpur Continuous Annealing & Processing Company Private Limited), a joint venture company of Tata Steel and Nippon Steel Corporation based in Jamshedpur and its workers union signed a Memorandum of Settlement for payment of annual bonus for the accounting year 2022-23.
In recognition of the unwavering dedication and commitment of all technicians and crane operators, each employee will receive a substantial 20 % bonus.
This bonus will positively impact 145 valued employees who have been the backbone of the organisation’s success.
The memorandum was signed by the Managing Director of JCAPCPL, Ujjal Chakraborti and the President of JCAPCPL Workers Union, R Rabi Prasad last evening.
Ujjal Chakraborti, Managing Director of JCAPCPL, expressed his gratitude and said, “Good Company is known by a good team. Our employees are the heart of our organization, and their hard work deserves recognition. This bonus reflects our commitment to their well-being and is a testament to the strong partnership between management and our dedicated workforce.”
R Ravi Prasad, president JCAPCPL Workers Union, shared his thoughts, saying, “We appreciate the company’s understanding of the contribution our employees make. This bonus is a step in the right direction towards fostering a positive work environment.”
The annual bonus is calculated at 0.35% of annual profit, ensuring a fair and equitable distribution among all eligible employees.
Each employee will receive a substantial bonus amount of Rs 55,160. The bonus amount will be credited to employees’ bank accounts by the last week of September.
Incorporated in 2011 by Tata Steel Limited (51%) and Nippon Steel Corporation (49%); Jamshedpur Continuous Annealing & Processing Company Private Limited serves India’s growing demand for high-grade Automotive CR Steels, thereby enabling Automotive OEMs to address their strategic objectives of increased localization.
