Jamshedpur, Sept 5: A Memorandum of Settlement dated September 4 was signed between Tata Steel and the Tata Workers’ Union, for payment of annual bonus for the accounting year 2022-2023.
As per the Memorandum of Settlement, the annual bonus for the year 2022-2023 and the total payout for eligible employees of all applicable divisions/ units of the company on account of the annual bonus for the year 2022-2023 will be Rs 314.70 crore.
Out of this, for divisions at Jamshedpur including Tubes, an amount of Rs. 186.51 crore will be distributed as an annual bonus amongst approx. 11676 employees.
The minimum (at full attendance) and maximum (at actual attendance) annual bonus payable for 2022-23 will be Rs 42,561 and Rs 4,61,019 respectively.
Since the majority of the 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 the old traditions, the company is going to pay bonuses to all employees in the unionized category.
T V Narendran, CEO & MD, Atrayee Sanyal, Vice President (HRM) and other senior executives signed the settlement on management’s behalf while Sanjeev Kumar Choudhary, president, Tata Workers Union, Shailesh Kumar Singh, deputy president, Tata Workers’ Union, Satish Kumar Singh, general secretary, Tata Workers’ Union and the other office bearers signed on union’s behalf in presence of Rakesh Prasad, deputy labour commissioner, Jamshedpur and conciliation officer, Government of Jharkhand.