Tata Steel Announces Rs 314.70 Crore Yearly Bonus To Employees
Tata Steel announced a total payout of Rs 314.70 crore to employees as an annual bonus for the fiscal year 2022-23 after signing a memorandum of settlement with the Tata Workers' Union (TWU). The overall payout for qualified employees of all applicable divisions of the company on account of yearly bonus would be Rs 314.70 crore, according to the memorandum of settlement, the company said in a statement on Monday.
For 2022-23, the minimum and maximum annual bonuses would be Rs 42,561 and Rs 4,61,019, respectively.
Because the majority of the steel company's employees are paid more than the limit set by the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonuses under the Act. However, in keeping with our long-standing tradition, the company plans to provide incentives to all unionised staff.
T V Narendran, CEO and MD, Atrayee Sanyal, vice-president (HRM), and other senior executives signed on behalf of management, and Sanjeev Kumar Choudhary, president, Satish Kumar Singh, general secretary, TWU and other office bearers signed on behalf of the union, in the presence of Rakesh Prasad, Deputy Labour Commissioner, Jamshedpur.
