PINAKI MAJUMDAR
Jamshedpur, Sept 29: The annual bonus agreement was signed between Tata Steel UISL (formerly JUSCO) management and the JUSCO Shramik Union, for payment of annual bonus for the accounting year 2022-2023 based on the agreed upon bonus chart.
The settlement also contained the Bonus chart for the next 3 years (FY’24, FY’25, FY’26) which would determine the payout in subsequent years.
The bonus agreement was signed by Ritu Raj Sinha, MD, Tata Steel UISL and Raghunath Pandey, president, JUSCO Shramik Union, in the presence of Deputy Labour Commissioner (DLC), JSR along with other senior officials of the company and office bearers of the union.
Bonus entitlement is based on the company’s performance on various parameters such as Profit Before Taxes (PBT), safety performance, compliance to complaints, transmission and distribution loss, overall unaccounted for water, Customer Satisfaction Index, repeat complaints and productivity, good performance all of which help the company achieve its strategic goals and objectives.
The total bonus payout for FY’23 is Rs 7.40 crores. The annual bonus will be disbursed in the coming days to 692 eligible employees keeping in view the festive season ahead.
