Tata Steel to Give Employees an Annual Bonus of Rs. 314.70 Billion; Check Details
Following the signing of a memorandum of settlement with the Tata Workers’ Union (TWU) today, Tata Steel announced a total payment to workers for yearly bonuses for the year 2022–2023 of Rs 314.70 crore. The business said in a statement on Monday that the total reimbursement for qualified workers of all relevant divisions under the terms of the agreement of settlement would be Rs 314.70 crore.
The minimum and highest yearly bonuses that will be paid out in 2022–2023 are 42,561 and 4,61,019 rupees, respectively.
The majority of the steel company’s workers are not eligible for bonuses under the Payment of Bonus (Amendment) Act, 2015 since their wages are greater than the cap set out in the Act. However, the corporation claimed it will offer incentives to all workers in the unionized group in observance with our long-standing customs.
In the presence of Rakesh Prasad, Deputy Labour Commissioner, Jamshedpur, T V Narendran, CEO & MD, Atrayee Sanyal, Vice-President (HRM), and other senior executives, Sanjeev Kumar Choudhary, President, Satish Kumar Singh, General Secretary, TWU, and other office bearers signed on behalf of the union.
